Business

Shareholders in Brazil’s Banco Inter approve Nasdaq listing

  • Banco Inter will pay BRL 45.84 for each unit that its shareholders decide to cash out;
  • The Nasdaq listing is expected to be effective on Dec. 28.

Banco Inter shareholders have approved the transfer of its listing from Brazilian stock exchange B3 to the U.S.-based Nasdaq, the Brazilian bank said in a securities filing on Thursday.

Banco Inter shareholders now will be able to cash out their stakes or receive Brazilian Depositary Receipts that may be converted into Class A shares traded on the Nasdaq. The deadline for choosing to convert or cash out is Dec. 2, Banco Inter Chief Financial Officer Helena Caldeira said.

READ ALSO: Banco Inter reports profit in the third quarter before going for an IPO in the United States

In an interview with Reuters, Caldeira said the bank expects shareholders will demand to cash out less than BRL 2 billion ($359.30 million) worth of Banco Inter units. If the amount is higher, the bank has the right to review the transaction and potentially lower the cash-out price.

Banco Inter will pay BRL 45.84 for each unit that its shareholders decide to cash out, a 22% premium over the closing price on Thursday.

READ ALSO: A new chapter in the battleground between incumbents and fintechs in Brazil: prepaid card interchange fees

The bank decided to move its main listing venue to the United States to have “more access to global capital markets and potentially a larger and more diverse investor base,” it said in an earlier statement on Thursday.

The Nasdaq listing is expected to be effective on Dec. 28, Caldeira added.

This post was last modified on November 26, 2021 5:43 pm

Share
Published by
Reuters

Recent Posts

Brazil’s XP launches a digital account with a debit card, real-time payments, and withdrawal

XP's digital account will be available to the investment platform's whole client base by October

June 20, 2022

Colombia’s first leftist leader Gustavo Petro targets inequality; investors on edge

The election of Gustavo Petro is indicative of widespread yearning for a more equal and…

June 20, 2022

After being acquired by Nubank, fintech Olivia will shut down operations

Artificial intelligence and financial planning startup Olivia will cease operations on July 15; Olivia's infrastructure…

June 17, 2022

Colombia’s Rappi to offer digital banking services via RappiPay

Rappi will offer deposit and savings products by the financial entity RappiPay, a joint venture…

June 17, 2022

Shopee announces layoffs in Latin American teams

Asian e-commerce phenomenon which has a strong presence in Brazil announced layoffs in Mexico, Argentina,…

June 17, 2022

South Korea’s Innospace to launch rocket from Brazil in December

Brazil is hoping to get a slice of the rapidly-growing small satellite launch market by…

June 17, 2022