February 23, 2018 / 3:18 PM / 2 years ago

Brazilian bank Inter files for IPO - document

SAO PAULO, Feb 23 (Reuters) - Brazilian online bank Intermedium SA filed on Friday for an initial public offering on the Sao Paulo stock exchange, according to documents filed with Brazil’s securities regulator.

The bank will issue new shares and its controlling shareholders, members of Brazil’s Menin family, will also sell shares.

The proceeds will be used by Inter, as the bank is known, to expand loan book and for potential acquisions.

The Menin family, which controls the bank, is also controlling shareholder in homebuilder MRV Engenharia e Participações SA.

Investment banking units of Banco Bradesco SA, Morgan Stanley, Citigroup Inc and Banco do Brasil SA have been hired to coordinate the offering, as Reuters reported on Jan. 15.

In December, Inter had 380,000 clients, 3.5 billion reais ($1.1 billion) in assets and 383 million reais in net equity. In 2017, its return on equity was 13 percent. ($1 = 3.2440 reais) (Reporting by Carolina Mandl; Editing by Jonathan Oatis)

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