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Shareholders in Brazil’s Banco Inter approve Nasdaq listing -Breaking


© Reuters.

By Tatiana Bautzer and Gram Slattery

SAO PAULO/RIO DE JANEIRO – Banco Inter SA shareholders approved the transfer from Brazil’s stock exchange B3 into the U.S.-based Nasdaq. The bank made the announcement in a securities filing Thursday.

Banco Inter shareholders can now cash out their stakes and receive Brazilian Depositary Recipts. These receipts may then be converted into Nasdaq Class A shares. Helena Caldeira, Chief Financial Officer at Banco Inter said that December 2 is the deadline to cash in or convert.

Caldeira told Reuters that shareholders would not be able to cash out more than 2 billion reais (or $359.30 million) in Banco Inter units. Caldeira stated that if the amount is more, the bank may review the transaction to determine if it should be renegotiated and possibly lower the cash out price.

Banco Inter is offering 45.84 Reis to each unit its shareholders choose to cash in, which represents 22% more than the closing price of Thursday.

According to an earlier statement, the bank said it had decided to relocate its primary listing venue to America to “ensure greater access to capital markets worldwide and possibly a wider and more varied investor base”.

Caldeira stated that the Nasdaq listing should be available on December 28, 2008.

($1 = 5.5664 reais)

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