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SoftBank-backed Banco Inter hires banks for U.S. listing, shares rise

Brazilian digital bank Banco Inter has hired banks to manage a listing in the United States, itsaid in a securities filing, sending its shares higheron Thursday.

According to Banco Inter, it has hired Bank of America, Bradesco BBI, J.P. Morgan and Itau BBA to manage the listing.

The lender, which is backed by Japan’s SoftBank Group Corp (9984.T), also said that studies regarding its corporate reorganization were concluded and approved by its board.

Units in Banco Inter were up 5.5% at 43.80 reais in morning trading, outperforming the broader Bovespa index (.BVSP), which rose 0.10%.

The bank had announced in May plans to list its shares on Nasdaq. Shareholders in Banco Inter will be able to trade shares directly in the United States or through Brazilian Depositary Receipts on the Brazilian stock market.

The bank said it is unable to predict when the listing will be concluded.

In August Inter announced the acquisition of U.S.-based financial startup USEND.

Reporting by Gabriel Araujo and Ana Mano; Editing by Jason Neely, David Goodman and Dan

reuters

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