* StoneCo Ltd. filed a preliminary prospectus registering for the sale of up to 54,886,364 class A common shares at a proposed maximum per-share offering price of $23.00, resulting in a proposed maximum aggregate offering price of about $1.26 billion. The estimated initial public offering price for the common shares is expected to be between $21.00 and $23.00 per share.
* Colombia's national directorate of taxes and customs imposed a fine of about 19.83 billion Colombian pesos, equivalent to about US$6.4 million, on Bancolombia SA for submitting incomplete, inaccurate and untimely information. The bank said it will appeal the decision.
MEXICO AND CENTRAL AMERICA
* Mexico's Grupo Financiero Mifel SA de CV will hold a global public share offering aimed at raising up to 8.45 billion Mexican pesos on the local stock exchange Oct. 18, El Financiero reported. The proceeds of the group's stock market debut will be used to expand the group's credit portfolio, maintain financial ratios and for general business activities. It will offer at least 167 million series O shares estimated at 35-40 pesos per share.
* The new 3% minimum leverage ratio set by Mexico's CNBV banking commission is credit positive for local banks, Moody's said. The rating agency said the new minimum will help banks control their balance sheets relative to their core capitalization. It will also align Mexico's regulations with global standards.
* China-based Tencent Holdings Ltd.'s acquisition of a US$180 million, 5% minority stake in Nubank is credit positive for the Brazilian financial technology company, Moody's said. The transaction will enable Nubank to widen its digital product offering through its newly launched consumer finance company, according to the rating agency.
* An Ibope poll gave far-right Brazilian presidential candidate Jair Bolsonaro 59% of voter support, while leftist rival Fernando Haddad trailed with 41%, Reuters reported. The two candidates will battle it out in a run-off vote scheduled for Oct. 28.
* Deutsche Bank AG is studying possible partnerships with Brazilian fintech companies as part of its drive to develop a digital platform for corporate finance solutions, Valor Econômico reported.
* Brazil's central bank is expected to unveil a regulatory framework for so-called open banking by December this year, with the new rules set to take effect from 2019, Valor Econômico reported.
* Peru's economy grew an estimated 2.5% in the third quarter of 2018, slowing from the 4.3% expansion of the first half, El Comercio reported, citing forecasts by Scotiabank Perú SAA and Banco de Crédito del Perú. BCP's research department also expects the central bank to raise its benchmark rate from 2.75% to 3.50% at the end of next year.
* Peruvian insurer Protecta SA Compañía de Seguros, controlled by Chile's Grupo Security SA, aims to build on steady growth in the last two years to reach a sales target of 400 million soles in premiums in 2019, General Manager Mario Ventura told El Comercio in an interview. He said the company was expanding its products range in categories including life insurance and annuities.
* Six hundred staff at Scotiabank Colpatria SA will start working at new offices in the center of Bogota this week as part of a $230 million five-year investment in technology by the bank, CEO Jaime Upegui told La República in an interview. The staff, 250 of whom are new hires, will work in groups focused on developing new technology, design, operations and commercial business products.
* The International Monetary Fund is advancing with plans to reopen its office in Buenos Aires and has appointed Trevor Alleyne as its representative to Argentina, La Nación reported. It said Alleyne would start in the post at the end of November, and the newspaper quoted unnamed sources as saying the Fund could open an office in the capital soon after. The IMF, which has a $57.1 billion financing accord with Argentina, closed its Buenos Aires office in 2012 after former President Néstor Kirchner severed ties with the Fund.
* Congressional approval of Chile's long-delayed banking reform law is positive for the country's banks, but questions remain over how the new legislation will be implemented, according to Abraham Martinez, director for financial institutions at Fitch Ratings, Diario Financiero reported. He said the new capital requirements, which aim to bring local banking regulations in line with Basel III standards, would test several lenders including Banco del Estado de Chile and some private banks.
PAN LATIN AMERICA
* The International Monetary Fund has praised efforts to boost transparency and add more detail to monetary policy statements at the central banks of Mexico and Brazil while saying monetary authorities in Chile and Peru still need to improve communication about decisions related to interest rates and inflation, Valor Econômico reported, citing regional Fund economist Juan Yépez.
IN OTHER PARTS OF THE WORLD
* Asia-Pacific: NAB flags extra A$314M costs; Suncorp mulls unit sale; Star Health deal gets nod
* Middle East & Africa: Old Mutual cuts Nedbank stake; Masraf Al-Rayan posts YOY rise in Q3 profit
* Europe: Santander, Blackstone in Popular talks before resolution; Slovenia to float NLB
Helen Popper contributed to this article.
The Daily Dose has an editorial deadline of 8 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.