Caixa Economica Federal expects to hold an Initial Public Offering (IPO) of its insurance subsidiary Caixa Seguridade Participacoes S.A. this year, but the IPO for the unit has been delayed to 2020, it's Chief Executive said. Chief Executive Officer Pedro Guimaraes told reporters that regulatory hurdles are delaying planned share sales planned for several of the bank’s units. In March Caixa Economica said that it was likely to hold an IPO for its Caixa Seguridade insurance unit in September, as part of a plan to raise BRL 15 billion ($3.6 billion). Guimaraes said that its unit would not be able to conduct its initial public offering in the second half of this year as initially expected.