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Report: Brazil's Banco Original in talks for potential IPO

Banco Original SA is in talks with investment banks to coordinate a potential initial public offering for the Brazilian lender, Valor Econômico reported, citing anonymous sources.

The São Paulo-based bank is reportedly looking to take advantage of growing foreign interest in the Brazilian digital banking space. Although a time frame for the offering has not been decided yet, the bank is working at a "very fast" pace, one of the sources said.

Alternatively, Banco Original is considering a strategic partnership instead of an IPO, a decision that if taken, would postpone the share offering to 2020, the sources said.

Banco Original has 2.2 million customers and hopes to hit the 3 million mark by the end of the year. Its net profit for the first half of 2019 increased 67.3% from a year ago.

The bank has been somewhat reluctant to test appetite in the equity market due to its links with the Batista family, some members of which have been implicated in a wide-ranging corruption scandal.