Itaú asks Brazil watchdog for 60-day delay in IRB Brasil IPO
SAO PAULO Nov 23 (Reuters) - One of the shareholders seeking to offload a stake in Brazilian reinsurer IRB Brasil RE SA has asked the country's securities industry watchdog for a 60-day delay in analyzing an initial public offering (IPO) plan, with market turmoil in Latin America's largest economy intensifying in recent weeks.
In a securities filing, Itaú Unibanco Holding SA, Brazil's largest private-sector lender, requested an interruption to the watchdog's analysis of the IPO, without specifying a reason.
In October, Reuters reported that the investment banks managing the IRB Brasil IPO, some of which are shareholders of the company, wanted to suspend the deal indefinitely. The former reinsurance monopoly is controlled by Itaú and rivals Banco Bradesco SA and state-controlled Banco do Brasil SA , as well as the government. (Reporting by Guillermo Parra-Bernal; Editing by Mark Potter)
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