February 13, 2019 / 1:45 PM / 6 months ago

Banco do Brasil and Votorantim consider Banco Votorantim IPO -report

SAO PAULO, Feb 13 (Reuters) - Brazilian state-owned lender Banco do Brasil SA and industrial group Votorantim SA are considering an initial public offering by Banco Votorantim SA, which the two entities jointly control, newspaper Estado de S. Paulo reported on Wednesday.

Banco Votorantim, which specializes in payroll and used-car loans, is Brazil’s ninth-largest bank, with 96.5 billion reais ($25.86 billion) in total assets.

Votorantim owns 50.01 percent of the bank’s voting shares, while Banco do Brasil holds the remaining stake.

Estado did not say how it obtained the information or when the IPO would happen. Banco do Brasil declined to comment and Votorantim did not immediately respond to a request for comment.

$1 = 3.7311 reais Reporting by Carolina Mandl

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