May 12, 2020 / 12:20 PM / 3 months ago

Banrisul confirms search for "strategic options" for its card business

SAO PAULO, May 12 (Reuters) - Brazilian bank Banco do Estado do Rio Grande do Sul said it is in talks with JPMorgan Chase & Co to advise on strategic options for its cards businesses, confirming a Reuters report on Monday.

Banrisul, as the bank is known, said in a securities filing on Tuesday that talks have been ongoing since January and the bank had not yet been contacted by investors interested in the business. Banrisul had tried to list its card unit two years ago, valuing it 2.5 billion reais. ($432.5 million). ($1 = 5.7798 reais) (Reporting by Tatiana Bautzer, editing by Louise Heavens)

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