July 6, 2020 / 1:52 PM / a month ago

Brazilian investment bank BR Partners plans IPO, sources say

SAO PAULO, July 6 (Reuters) - Brazilian investment bank BR Partners is planning an initial public offering for September, two people with knowledge of the matter said.

The issue in the local Brazilian market will be managed by Banco BTG Pactual SA, the sources said, asking for anonymity to disclose private plans. Credit Suisse and Bank of America will also be in the syndicate, the two sources added.

BR Partners declined to comment.

The bank was founded 10 years ago by Ricardo Lacerda, Andrea Pinheiro and Jairo Loureiro. According to the sources, the issue will be only primary, meaning the bank is going to raise capital for expansion and shareholders do not intend to sell part of their stakes.

Financial blog Brazil Journal reported the BR Partners IPO earlier on Monday.

Reporting by Tatiana Bautzer and Carolina Mandl; Editing by Andrea Ricci

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