State-controlled Banco do Brasil saw its stock fall by more than 10% in the week running up to Brazil’s presidential election on Sunday, as polls pointed to the victory for former president Luiz Inácio Lula de Silva.
The now president-elect is thought to be much less receptive to fully privatizing Banco do Brasil compared with outgoing Jair Bolsonaro’s administration, which had made sporadic aspirational statements to that effect during the past four years.
Banco do Brasil is due to release third-quarter earnings on November 9.
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