The Post Office Board of Directors approved this Wednesday the R$12 billion loan negotiated by the state-owned company with a group of five banks. The closing of the operation, however, still depends on the National Treasury’s decision on the Union guarantee, which is still in the analysis phase.
The proposal was made by banks Itaú, Bradesco, Santander, Banco do Brasil and Caixa Econômica Federal. The expectation is that the National Treasury will approve the Union’s approval of the operation, because the negotiations were conducted jointly.
When asked if the operation could be authorized by this Friday, Finance Minister Fernando Haddad said it was possible.
“It’s a short time, but we’ve been working on it for a few weeks.”
The proposal made by the institutions foresees a payment period of 15 years, with a three-year grace period and interest equivalent to 115% of the Interbank Deposit Certificate (CDI) per year, a reference rate for daily loans between banks and close to the Selic.
The aid to Correios is conditioned on a restructuring plan for the state-owned company with measures to cut costs and increase revenue so that the state-owned company returns to profit in 2027.
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The strategy is to dismiss 15 thousand employees, 10 thousand in 2026 and 5 thousand in 2027, via a voluntary dismissal plan (PDV), and close 1 thousand units. On the revenue side, partnerships with the private sector are planned to expand the range of services provided.
In the penultimate round, the pool of banks, formed by Citibank, BTG Pactual, ABC Brasil, Banco do Brasil and Safra, proposed interest equivalent to 136% of the CDI to grant a loan of R$20 billion. The proposal was approved by the CA, but rejected by the Treasury, precisely because it exceeded the standard normally observed, of 120% of the CDI, for operations with Union endorsement.
