The Banco de Brasília (BRB) is convening a meeting for shareholders to vote on increasing its share capital, contingent on the approval of a legislative proposal involving the transfer of nine public properties.
The Banco de Brasília (BRB) has scheduled a shareholders' assembly for March 18, where a vote will take place regarding an increase in the bank's share capital. This increase is linked to a 22-day deadline for the Legislative Chamber of the Federal District to approve a bill allowing this capital augmentation through the transfer of nine public properties to the bank’s assets.
The proposed measure, as outlined by the government, allows BRB to utilize these properties by either incorporating them into its assets, selling them to private entities, or leveraging them as collateral for loans that could amount to R$ 6.6 billion. This funding is deemed essential for restoring BRB's financial standing, which has been negatively impacted by previous unsuccessful transactions concerning Banco Master.
Recently, on the 24th, the government presented a revised version of the bill, which lists nine properties as collateral instead of the twelve properties mentioned in the initial draft. This change reflects ongoing negotiations and the government’s efforts to streamline the proposal before it reaches the local legislators. The outcome of this assembly could significantly influence BRB's financial future and operational capacity.
