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After central bank rejection, Banco Mercantil do Brasil to appeal capital hike

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After central bank rejection, Banco Mercantil do Brasil to appeal capital hike

Banco Mercantil do Brasil SA said it will appeal Banco Central do Brasil's recent rejection of its planned capital increase.

The central bank had refused to approve the capital increase on grounds the bank failed to submit all documentation and did not comply with certain required formalities.

The capital hike, originally approved by the company in August 2017, would increase the company's share capital by 60.0 million reais through the issuance of 6.3 million ordinary shares.

A separate capital hike by the bank, involving the issuance of 3,000,000 common shares, was approved by the central bank earlier in May.

As of May 29, US$1 was equivalent to 3.73 Brazilian reais.