Brazilian development bank - BNDES - has reduced holdings in Petrobras and Axia Energia this month through share sales carried out by its investment arm BNDESPar, according to four sources familiar with the matter.

One source told Reuters the bank sold about BRL3bn ($598mn) in Petrobras shares and more than BRL500mn reais in Axia stock.

The same source said BNDESPar also sold BRL280mn in shares of Copel in May, bringing total divestments in the utility this year to BRL1.2bn.

“These are stocks trading at elevated levels, and the bank saw an opportunity to realize gains through the sales,” a BNDES source said.

BNDES said it regularly reviews investment and divestment opportunities across its portfolio but did not confirm the transactions. Another source said the Petrobras shares sold carried no voting rights and therefore did not affect the bank’s influence over the company.

BNDES president Aloizio Mercadante said last year the lender planned to reduce exposure to mature sectors while increasing investments in strategic industries.

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