Japan's SoftBank Group Corp. has struck a deal to double its stake in Brazilian online bank Banco Inter SA, a person familiar with the transaction told Bloomberg News.
SoftBank acquired an 8.1% stake in Banco Inter for about 760 million Brazilian reais earlier in 2019 and will purchase additional shares from members of Banco Inter's controlling families, including from the Menin clan.
However, Banco Inter CEO Joao Vitor Menin will not reduce his 5.4% stake in the company as part of the new deal, Bloomberg's source said. Both SoftBank and Banco Inter declined the news outlet's request for comment.
Banco Inter Chairman Rubens Menin Teixeira de Souza, another member of the Menin family, holds a 26.19% stake in the bank, according to S&P Global Market Intelligence data.
Banco Inter went public in 2018 and its preferred shares have risen more than 500% since then, making it one of the best-performing IPOs in Latin America, according to data compiled by Bloomberg. The lender more than tripled the number of account holders it has in the second quarter of 2019 from a year ago to about 2.5 million.
As of Sept. 13, US$1 was equivalent to 4.06 Brazilian reais.
