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Banco Votorantim readying for an IPO, new chief says

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Banco Votorantim readying for an IPO, new chief says

Banco Votorantim SA's new chief executive, Gabriel Ferreira, said the Brazilian bank is starting to prepare for a stock exchange listing, according to a Diário Comércio Indústria & Serviços report.

"My mandate is to prepare the bank for the IPO," Ferreira, who was named the company's new president earlier in September, reportedly said.

Although terms of the operation have not yet been laid out, Grupo Votorantim and Banco do Brasil SA plan to remain shareholders in the bank, Ferreira added. Votorantim Finanças SA owns 50.01% of Banco Votorantim, while Banco do Brasil holds a 49.99% stake, according to data from S&P Global Market Intelligence.

Earlier this year, Banco do Brasil CEO Rubem de Freitas Novaes said the bank may carry out a partial or total sale of its stake in Banco Votorantim.

The bank wants to retain its leading position in vehicle financing, its main revenue source, although it is also looking to diversify to other segments where growth has been faster, Ferreira said. It is also studying the creation of its own digital bank, which would operate side by side with its partnership with Banco Neon.