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SoftBank raises stake in Brazil's Banco Inter to nearly 15%

Japan's SoftBank Group Corp. has increased its ownership stake in Banco Inter SA to 14.94% from 8.1%, according to a filing from the Brazilian online bank.

SoftBank, which has been investing heavily in disruptive technology companies, now holds 35 million Banco Inter share deposit certificates, each representing 1 common share and 2 preferred shares. The technology giant also will have the right to appoint a board member at Banco Inter under an investor agreement signed by Chairman Rubens Menin Teixeira de Souza and CEO João Vitor Nazareth Menin Teixeira de Souza, both of whom are controlling shareholders in the bank.

Banco Inter, which became one of the best-performing IPOs in Latin America following its listing in 2018, said it "will be able to benefit from SoftBank's experience, technical capacity, knowledge and resources."

Earlier in 2019, SoftBank picked up an 8.1% stake in Banco Inter for about 760 million Brazilian reais. The terms of the new deal were not disclosed.

As of Sept. 16, US$1 was equivalent to 4.08 Brazilian reais.