Banco do Brasil Resumes Sale of Asset Management Unit BB DTVM – Sources

Some of the world’s largest asset managers, including BlackRock Inc, Franklin Templeton Investments and Prudential Financial, expressed interest in acquiring BB DTVM last year, according to one of the sources

RIO DE JANEIRO, BRAZIL - State-controlled Banco do Brasil SA has resumed the process to sell its asset management unit, known as BB DTVM, three people with knowledge of the matter said on Friday, January 22nd.

The state-controlled bank told interested parties it expects delivery of binding offers next month, added the sources, who asked for anonymity because the discussions are private. Banco do Brasil declined to comment.

The asset manager sale process began in 2019, under former CEO Rubem Novaes. The process was interrupted last February after Banco do Brasil considered the bids delivered too low, a fourth . . .

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