January 15, 2018 / 6:10 PM / 2 years ago

Brazilian digital bank Inter hires banks for IPO: source

SAO PAULO (Reuters) - Brazilian digital bank Intermedium SA has hired banks for an initial public offering that should take place in the second quarter of the year, one source with knowledge of the matter said on Monday.

Intermedium, known as Inter, hired the investment banking units of Banco Bradesco SA BBDC4SA>, Morgan Stanley (MS.N), Citigroup Inc (C.N) and Banco do Brasil SA (BBAS3.SA) as advisers in the transaction, the source added, asking for anonymity because the negotiations are private.

The bank, which expects to be listed in Sao Paulo, has 400,000 clients and total equity of around 370 million reais ($115 million), according to mid-2017 financial statements.

Inter, Bradesco, Morgan Stanley and Citi did not immediately comment. Banco do Brasil declined to comment.

Inter is controlled by the Menin family, the main shareholders in homebuilder MRV Engenharia e Participações SA (MRVE3.SA). Financial blog Brazil Journal reported the hiring earlier on Monday.

Reporting by Tatiana Bautzer; Editing by Leslie Adler

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