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Banco BMG aims to get 2B reais from IPO; BTG withdraws delisting of unit

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Banco BMG aims to get 2B reais from IPO; BTG withdraws delisting of unit

* Brazil's Banco BMG SA aims to obtain 2 billion reais for its IPO with the sale of up to 161.9 million preferred shares, Reuters reported, citing a preliminary prospectus. The base offering involves a primary tranche of 103,448,277 shares and 16,491,755 shares, with an indicative price range between 11.60 and 13.40 reais per share. The IPO will be priced Oct. 24.

* BTG Pactual Holding SA said it withdrew the delisting of its investment unit PPLA Participations Ltd., Reuters reported, citing a company filing. "The second appraiser incurred ... material errors (in addition to the choice of assumptions underlying that report) that resulted in a serious distortion of the company's PPLA11 unit price indicated in the new appraisal report," the filing said.

MEXICO AND CENTRAL AMERICA

* Mexican mortgage lender Instituto del Fondo Nacional de la Vivienda para los Trabajadores said it will be able to meet its goal of granting 527,796 mortgage loans granted by the end of 2019, El Economista reported, citing General Director Carlos Martínez Velázquez.

* Mexican exports to the U.S. reached a record high of about $240.74 billion between January and August, representing annual growth of 5.5%, El Financiero reported, citing the U.S. Census Bureau.

CARIBBEAN

* Barbados-based Sagicor Life Inc. will acquire the traditional insurance portfolios of both Colonial Life Insurance Company (Trinidad) Ltd. and British American Insurance Company (Trinidad) Ltd. Sagicor Life will also acquire and assume Colonial Life's contracts with pension fund administration, management and investment services.

BRAZIL

* Caixa Econômica Federal has cut interest rates in overdraft operations in recent months, but the rest of Brazil's savings banks have kept their rates virtually unchanged, Valor Econômico reported. Since August, annual rates for Caixa's overdraft operations have dropped to 194% from 289% for loans to individuals; and to 217% from 353% for loans to companies, central bank data show.

* In Banco Nacional de Desenvolvimento Econômico e Social's objection of Odebrecht SA's judicial recovery plan, the bank said the construction giant's plan does not demonstrate the latter's ability to recover, O Estado de S. Paulo reported. The newspaper's sources familiar with Odebrecht say the conglomerate will submit its explanation on its debt consolidation plan today.

ANDEAN

* Colombian President Iván Duque said his government is working on the creation of a sandbox for financial technology companies, with the aim of allowing financial services to become more flexible, La República reported.

* Compañía de Seguros de Vida Cámara SA has closed the acquisition of insurance policies for disability, survival and burial expenses of Rigel Peru SA Compania De Seguros De Vida for an undisclosed amount, the company said in a statement.

SOUTHERN CONE

* China-based payment processing company UnionPay International Co., Ltd. has launched its card operations in Chile, and operations will be conducted through an alliance with local payments firm Multicaja SA, Diario Financiero reported. Marcelo Salazar, Multicaja's commercial manager, said the firm has authorized operations in 3,000 stores in the country and expects 9,000 stores to accept UnionPay cards by the end of 2019.

* Credit card operations in Argentina grew at a record rate of 5.9% monthly in September and reached 456.28 billion pesos, El Cronista reported, citing data from a First Capital Group report.

* Loans in Argentine pesos fell 3% in September, recording the largest monthly decline since April 2016 due to inflation, El Cronista reported.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: HKEX to up LSE offer; Yes Bank in talks with tech firms

* Middle East & Africa: EU to drop UAE from blacklist; Uganda licenses 2 new banks; S&P acts on Morocco

* Europe: HSBC may cut 10,000 jobs; Bank Millennium could see €1.6B Swiss franc loans hit

* North America: SEC chief slams trading database; Crapo may revise Senate cannabis banking bill

Pablo Jimenez Arandia contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.