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Banco ABC Brasil gains approval for 91.8M reais capital hike

Banco ABC Brasil SA garnered central bank approval to raise 91.8 million reais in fresh capital through the issuance of new private shares, according to a regulatory statement.

With the approval from Banco Central do Brasil, the bank will issue 7,563,706 new shares, composed of 3,885,739 common shares and 3,677,967 preferred shares. The issuance price is about 12.14 reais per share, as was noted in an earlier filing.

The capital increase aims to support the bank's credit growth plans, as well as to bolster its liquidity ratio.

The São Paulo-based institution noted that total capital would amount to 2.47 billion reais, including the approved increase.

As of Oct. 11, US$ 1 was equivalent to 3.76 Brazilian reais.