Caixa Geral de Depositos (CGD), a Portuguese state-owned banking corporation, has re-launched its efforts to divest its Brazilian business.

According to a Reuters report, this is the bank’s second attempt to sell Banco Caixa Geral-Brasil bank. The Portuguese lender rejected three binding offers in 2019 dissatisfied with the offered value.

The bidders were Artesia Gestao de Recursos; Banco ABC Brasil; and Banco Luso Brasileiro.

CGD revived the divestment plan following green light from the Portuguese government.

The Brazilian unit primarily serves corporate customers. At the end of last year, the unit had assets around $256m.

In an emailed statement, CGD executive board member Francisco Cary told Reuters: “BCG Brazil has continued to reconfigure and rationalise its structure and operations in 2020, and it has become evident that this is the opportune moment to test the market again, with the view of completing its sale.”

CGD was established in Lisbon in 1876.

Last year, CGD’s profits slipped 37% to €492m ($598m) amid the pandemic. However, the bank’s customer deposits were up €6.8bn in the same period.

In 2017, the European Commission approved a €4bn recapitalisation for the lender. At that time, CGD was asked to halve its foreign assets by 2020.

The bank has since closed several overseas branches, and retreated from South Africa and Spain.