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.