February 12, 2020 / 11:26 AM / 14 days ago

Banco do Brasil may reorganize payments business -Valor

SAO PAULO, Feb 12 (Reuters) - Brazilian state-controlled lender Banco do Brasil SA is considering a reorganization of its businesses in the payments segment, Brazilian newspaper Valor Econômico reported on Wednesday.

Stakes in some companies might be put up for sale, Valor said, citing unnamed sources with knowledge of the matter. The report does not mention which assets Banco do Brasil plans to sell.

Banco do Brasil co-controls Brazil's biggest card processor company, Cielo SA, among other businesses. The company faces fierce competition from upstarts such as PagSeguro Digital and StoneCo.

Banco do Brasil did not immediately comment on the matter. (Reporting by Carolina Mandl, editing by Louise Heavens)

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