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

by Mike Robinson

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© Reuters.

SAO PAULO, (Reuters) – Brazilian digital bank Banco Inter hired banks to handle a listing in America, according to a Securities Filing. This sent its shares higher Thursday.

Banco Inter reports that it hired Bank of America, Bradesco BBI and J.P Morgan to handle the listing.

SoftBank Group Corp in Japan has backed the lender. The board also approved study results regarding corporate reorganization.

In morning trading the units in Banco Inter rose 5.5% to 43.80 Real in comparison with the wider index which rose 0.1%.

In May, the bank announced plans to list shares on Nasdaq. Banco Inter shareholders will have the ability to trade shares in the United States directly or via Brazilian Depositary Receipts, which are available on the Brazilian stock exchange.

The bank stated that it was unable to forecast when the listing would be completed.

Inter had announced in August the acquisition by USEND, a financial startup based in America.

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