August 31, 2018 / 2:36 PM / 22 days ago

Brazilian bank Banco BMG hires banks for potential IPO - sources

SAO PAULO, Aug 31 (Reuters) - Small, retail Brazilian bank Banco BMG has hired investment banks to evaluate a potential initial public offering, two sources with knowledge of the matter told Reuters.

The investment banking units of Itaú Unibanco Holding SA, JPMorgan Chase & Co, Banco Plural SA and the brokerage firm XP Investimentos SA have been hired to analyze whether an IPO by BMG would be viable.

The bank on Aug. 9 reported net income of 76 million reais ($18.38 million) in the first half of 2018, a return on equity of 5.9 percent and a loan book of 9.1 billion reais.

Newspaper Valor Econômico earlier on Friday reported the hiring of the investment banks. BMG, XP and Plural declined to comment on the matter, and JPMorgan and Itaú Unibanco did not respond to requests for comment. ($1 = 4.1354 reais) (Reporting by Carolina Mandl; editing by Jonathan Oatis)

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