Comprehensive M&A data with integrated detailed company information

SoftBank to boost Banco Inter stake: Bloomberg
Posted on Monday, 16 September 2019 13:22
SoftBank intends to almost double the size of its 8.1 per cent stake in the Brazilian online lender Banco Inter by acquiring existing shares from members of the controlling families, a person with knowledge of the matter told Bloomberg.

The Menin family, which, incidentally, founded the country’s largest homebuilder MRV Engenharia e Participações, will be among the sellers, though chief executive Joao Vitor Menin intends to retain his 5.4 per cent interest.

No further information was disclosed and spokespeople for both companies declined to comment when contacted by Bloomberg.

SoftBank acquired its position in Banco Inter after taking part in a follow-on offering of common and preferred shares worth more than BRL 1.2 billion (USD 293.43 million) in July.

The Brazilian digital bank, via app and internet banking, offers its own and third-party products, such as current account, mortgage, personal credit, investments, insurance, and Interpag (payment via QR Code).

It also provides credit for prepaid cell phones, currency exchange, digital short-term parking and gift cards, among others.

On 30th June 2019, Banco Inter had a presence in more than 5,511 municipalities and had account holders in 100.0 per cent of cities with more than 20,000 inhabitants.

The group’s digital platform enables an accelerated growth in the base of digital account holders, which rose from 741,500 on 30th June 2018 to 2.50 million on 30th June 2019, equivalent to an increase of 243.0 per cent over the period.

In June 2019, it partnered with Wiz Soluções e Corretagem de Seguros in the insurance sale category; it reached more than 21,000 active clients in this digital segment in the second quarter of 2019.

As of 30th June 2019, Banco Inter had total funding of BRL 4.90 billion and total assets of BRL 6.75 billion.

© Zephus Ltd