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Brazil’s Caixa plans IPOs of Elo, asset manager in coming months -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People line up outside Caixa Public Bank to get emergency assistance from the federal government for the most vulnerable following an outbreak of coronavirus (COVID-19), in Rio de Janeiro Brazil, April 29, 2020. REUT

By Aluisio Alves

SAO PAULO, (Reuters) – The state-owned lender Caixa Economicsa Federal plans to list the asset management unit of the payment firm Elo and its subsidiary Caixa Economica Federal by 2022, said Chief Executive Pedro Guimaraes in an interview.

These flotations form part of the government’s plan to list Caixa business units and to raise funds through partial sales.

Reuters reported that Caixa selected six banks in April to handle Elo’s first public offering on Nasdaq. Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) and JPMorgan (NYSE:) & Co.

Elo is the founder of a payment system that Elo launched over a decade ago. It was designed to rival other networks. Visa Inc Mastercard Inc. (NYSE:). Banco do Brasil SA(OTC:), Banco Bradesco SA, and Caixa also hold shares in the company.

Guimaraes stated that Elo’s IPO was a great deal for investors, despite current market conditions.

Caixa Asset, an investment unit of Caixa Capital has 500million reais (88.65 millions) under its management. Guimaraes stated that Caixa intends to sell up to 15% of its stake in the asset manager.

($1 = 5.6404 reais)

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