Banco do Brasil S.A. (BOVESPA:BBAS3) is likely to sell the controlling stake in Banco Patagonia S.A. (BASE:BPAT). "Banco Patagonia is not generating synergies for us, so we consider this as a non-core business asset," said Banco do Brasil's Chief Executive Officer, Ruben Novaes when responding to a question by BNamericas during a press conference. "We understand that assets in general in Argentina are depreciated due to economic turmoil over there, so maybe this is not a good time to go ahead with a sale right now." Banco do Brasil is also evaluating sales options regarding its stake Banco Votorantim S.A., which it jointly controls with Votorantim Finanças S.A. "We will hire an adviser to evaluate the best option regarding our stake in Votorantim," said Novaes, who highlighted an Initial Public Offering (IPO) as one of the options.

Novaes said he is in favor of privatizing Banco do Brasil but admitted that it is not, at this point, the plan of the government. "My personal view is that with privatization, Banco do Brasil would be more efficient, but Brazilian society is still not mature for this and the government, which is the bank's controller, is not evaluating this right now."