Brazilian lender Caixa Econômica Federal is reportedly planning to offload its stake in local insurance broker IRB Brasil Re.

Caixa holds approximately 8.9% stake in IRB Brasil Re through Fgeduc, the Brazilian government fund responsible for financing university scholarships.

It is expected that the state-owned bank will hire Banco do Brasil, Bank of America Merrill Lynch, Bradesco and Itaú BBA to arrange the sale.

The divestiture of shares is expected to be executed through a share offering on the B3 stock exchange in São Paulo.

The planned share-sale would comes after an initial public offering (IPO) launched by IRB in 2017.

The IPO enabled the reinsurer’s existing shareholders including Itaú Unibanco Holding units Itaú Seguros and Itaú Vida e Previdência, BB Seguridade Participações and Banco Bradesco to offload a portion of their stake.

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IRB Brasil Re, set up in 1939 by Getúlio Vargas, was intended to offer reinsurance to domestic companies through the company itself and its policy of retrocession, where most of the risk was shared between the national insurance companies.