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Banco Inter completes conversion of shares to 'units'

Banco Inter SA completed the latest round of conversion of its preferred and common shares to share deposit certificates, also known as units, the company said in a Sept. 17 filing.

The conversion included 18,333,449 preferred shares and 241,378 common shares, for a total of 18,574,827 shares, or about 33.62% of the bank's total stock. A unit represents 1 common share and 2 preferred shares.

The company said it now has 152,307,596 units, with about 91.5% of its total outstanding shares to be traded in this share cluster.