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Biggest Lender in Brazil Puts Distressed Real Estate Up for Sale

  • Caixa CEO spends Carnival holiday at investor meetings in U.S.
  • State-owned firm plans to pay back $11 billion of public debt
Office buildings, right, stand under construction in this aerial photograph taken in Sao Paulo, Brazil.

Photographer: Paulo Fridman/Bloomberg

Pedro Guimaraes had no time to revel in Brazil’s wild Carnival celebrations this year.

Instead, Caixa Economica Federal’s newly minted chief executive officer spent the holiday week -- including his birthday -- courting investors at more than 70 meetings in Boston and New York. The 48-year-old head of Brazil’s biggest state-owned bank is pitching an overhaul for the company that includes selling distressed real estate and stakes in subsidiaries. The moves would generate revenue to pay back perpetual bonds from the government totaling as much as 40 billion reais ($11 billion).