Nossa Caixa To Sell Shares To Foreign Investors

Brazilian São Paulo-owned savings bank Nossa Caixa will be allowed to sell shares to foreign investors following a decision by President Luiz Inácio Lula da Silva. The state of São Paulo has been authorized to sell up to 49% of the bank’s capital which will bring in an estimated $700 million. However, it is thought that only 25% will be offered initially.