The BRB (Bank of Brasília) has summoned its shareholders for a special assembly on March 18 to vote on a proposed capital increase, which hinges on the approval of a law project by the local government.
The Board of Directors of BRB (Banco de Brasília) has officially called a special assembly for its shareholders, scheduled for March 18. This assembly's agenda primarily focuses on voting for an increase in the bank's capital stock, which has become critical due to recent financial losses linked to assets from the Banco Master. For the proposal to proceed, it must receive the green light from the Legislative Chamber of the Federal District, where a law project initiated by Governor Ibaneis Rocha (MDB) will be central to discussions.
The bank has set a challenging three-week deadline for district lawmakers to approve this capitalization project. Failure to do so might adversely affect the bank's financial stability. In addition to the capital increase, the agenda for the assembly also includes the decision on the appointment of members to the Board of Directors. The urgency of this meeting underscores the financial pressures facing the bank as it seeks to secure its funding and support.
On the same day that the assembly was announced, the District Government introduced a revised version of the law project aimed at capitalizing the BRB, proposing a credit operation ceiling of R$ 6.6 billion in collaboration with the FGC (Credit Guarantor Fund) or other financial institutions. This move highlights the local government’s commitment to bolstering the bank's finances amidst challenging economic conditions and represents a significant step in the management of local financial institutions in Brazil.
