U.S. Markets closed

Brazil's BNDES CEO says government considers two-stage Eletrobras privatization

NEW YORK, Nov 14 (Reuters) - Brazilian development bank BNDES's chief executive said on Tuesday that the government is considering a two-stage privatization of state-controlled power holding company Centrais Brasileiras SA.

Paulo Rabello de Castro told investors at an event in New York that a first phase could entail a private investor buying a stake in Eletrobras, as the power holding company is known, and helping the government improve its efficiency before control is transferred to the private sector entirely.

BNDES has been tasked by the Brazilian government with defining the privatization model. (Reporting by Tatiana Bautzer Editing by Sandra Maler)