September 18, 2019 / 3:14 PM / 3 months ago

Brazilian lender Banco Votorantim prepares to launch IPO - CEO

SAO PAULO, Sept 18 (Reuters) - Brazilian lender Banco Votorantim SA is preparing itself to launch an initial public offering, its Chief Executive Officer Gabriel Ferreira told journalists on Wednesday, declining to say when it should occur.

Still, Ferreira said that after the IPO the bank’s shareholders, state-controlled lender Banco do Brasil SA and diversified conglomerate Votorantim SA, will maintain a stake in the bank, as its profitability is likely to increase in the future. Votorantim is the country’s ninth-largest bank. (Reporting by Aluisio Alves Editing by Chizu Nomiyama)

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