imageCryptocurrency7 hours ago (Oct 20, 2020 07:00PM ET)

Brazil is prepping an IPO for its state-run digital bank

Brazil’s Minister of Economy, Paulo Guedes, said during an online event this Tuesday that Brazil “is about to” join the Organization for Economic Cooperation and Development (OECD) and that the Brazilian government has plans to launch a public offering of shares (IPO) for the newly-created digital bank of Caixa Economica Federal.

Caixa Economica Federal created a digital bank during the pandemic to help the government send financial aid to around 64 million Brazilians. Guedes’ comments came during the Milken Institute Global Conference, during which he said that the Central Bank is working to attract new investors for the country.

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Brazil is prepping an IPO for its state-run digital bank

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