Banco do Brasil has reportedly recommenced the sale process of its asset management unit BB DTVM.

The bank informed the potential bidders that it expects the delivery of binding offers next month, reported Reuters citing three sources familiar with the matter.

Banco do Brasil did not confirm the news. The state-controlled Brazilian lender initiated the sale process of BB DTVM in 2019, under its ex-CEO Rubem Novaes.

The process came to a halt last February as the lender considered the bids delivered below the par, another source divulged.

Later, Novaes quit the bank and was replaced by Andre Brandao.

BB DTVM, which is said to be the largest asset manager in Brazil, oversaw around BRL1trn ($183bn) in assets last year.

Franklin Templeton Investments, BlackRock, and Prudential Financial were amongst the interested parties in bidding for BB DTVM last year, the sources added.

However, it is not clear if the previously interested parties will deliver bids for Banco do Brasil’s asset management unit now.

BlackRock, Franklin Templeton, and Prudential Financial did not comment on the issue.

According to sources, Banco do Brasil was previously looking to divest the unit to bidders with at least $500bn in assets, restricting Brazilian rivals from delivering bids.

But the sources said that it is unclear whether the bank will still go with the same conditions or will it change them to encourage competition.

In November 2019, Swiss wealth manager UBS inked a binding agreement with Banco do Brasil to set up a new investment bank in South America.