Brazilian digital lender Banco Inter, which is backed by SoftBank, has reportedly hired banks to manage its listing in the US.
Banco Inter has hired Bank of America, Bradesco BBI, JP Morgan and Itau BBA to manage the listing, Reuters reported citing a securities filing.
The digital lender has also informed that studies regarding its corporate reorganisation have been concluded and approved by the board, the report added.
Earlier in May, Banco Inter had disclosed plans to list its shares on Nasdaq.
Shareholders will be able to trade Banco Inter’s share directly in the US or via Brazilian Depositary Receipts on the Brazilian stock market.
Banco Inter, which is said to have a market cap of $9.8bn, did not reveal the details about the date of listing.
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Last month, media reports emerged that Banco Inter and payments firm StoneCo are reportedly in talks for a potential merger.
Earlier this year, StoneCo invested approximately $471m (BRL2.5bn) and acquired a 4.99% stake in Banco Inter.
If the merger talks materialise, the combined entity may have a market capitalisation of nearly $22bn.
In August this year, Banco Inter announced plans to acquire US-based startup USEND for an undisclosed sum.
In the same month, it was reported that another Brazilian digital lender Nubank had picked Morgan Stanley, Goldman Sachs, and Citigroup to lead its US initial public offering (IPO).
Berkshire Hathaway-backed Nubank is expected to file for the IPO by the end of this year or early 2022.