BB Moves Ahead With Secondary Offering

Banco do Brasil received approval from two of its biggest shareholders for a secondary offering, it said in a statement. Previ, the pension fund for the state-controlled bank’s employees, and BNDESPar, a unit of development bank BNDES, had said in July they planned to sell a stake equivalent to 3%-5% of the bank’s total capital before the end of the year. At current prices, such a sale would reach nearly BRL4bn. The bank did not state the use of proceeds.