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Banrisul prepares IPO of card payment unit Banrisul Cartões

Banco do Estado do Rio Grande do Sul SA, or Banrisul, is looking into putting card payment unit Banrisul Cartões SA up for an initial public offering, according to a regulatory filing dated March 23.

In preparation of the offering, Banrisul decreased its share capital by 353.3 million Brazilian reais, refunding the shareholders with 1 preferred share in Banrisul Cartões in exchange for 2 Banrisul shares. The operation will create 204,487,238 preferred shares in Banrisul Cartões, according to the filing, representing 50% of the unit's share capital.

As of March 22, US$1 was equivalent to 3.30 Brazilian reais.