Brazilian digital bank Intermedium SA has hired banks for an initial public offering that should take place in the second quarter of the year, one source with knowledge of the matter said on Monday. Intermedium, known as Inter, hired the investment banking units of Banco Bradesco SA, Morgan Stanley, Citigroup Inc and Banco do Brasil SA as advisers in the transaction, the source added, asking for anonymity because the negotiations are private.
The bank, which expects to be listed in Sao Paulo, has 400,000 clients and total equity of around 370 million reais ($115 million), according to mid-2017 financial statements.