April 30, 2018 / 8:43 PM / 6 months ago

Brazilian online lender Agibank files for IPO

SAO PAULO (Reuters) - Brazilian online lender Banco Agibank SA on Monday filed for regulatory clearance to launch an initial public offering (IPO), according to a securities filing.

Agibank follows Banco Inter SA’s BIDI11.SA strategy of raising capital to fund its expansion and IT investments. On Monday, Inter made its debut in São Paulo stock exchange, in the first IPO by a Brazilian retail bank in nearly a decade. In late afternoon, Inter’s units were stable at 74 reais.

The bank and its owner, Marciano Testa, will sell an undisclosed amount of preferred shares in the IPO.

Agibank uses a digital platform and also around 450 branches to offer checking accounts and loans to low-income clients. In a securities filing, the lender said its shareholders’ equity totaled 390 million reais ($111.31 million), with a return on equity of 44 percent. Its loan book reached 1.3 billion reais in March.

Investment banks Credit Suisse [CSAG.UL], Bank of America (BAC.N) Merrill Lynch Banco Múltiplo SA, Itaú BBA, Banco BTG Pactual SA (BPAC3.SA) and Banco Bradesco BBI SA will manage the offering.

Reporting by Alberto Alerigi; Editing by Lisa Shumaker

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