Banco Bradesco Stock- Brazil’s BTG Pactual prices units at 122.01 reais each in follow-on -sources
SAO PAULO (Reuters) – Brazilian bank BTG Pactual SA on Tuesday priced its units at 122.01 reais each in a share offering, according to sources familiar with the matter.
The bank has raised 2.98 billion reais in the offering, which is its second follow-on this year, but the amount could still increase by 20% depending on the sale of overallotments, the sources said.
Once known mainly as an investment bank, BTG has made inroads into retail banking, including the launch of an online broker.
The bank plans to use the proceeds to boost growth in retail banking. BTG has announced a series of acquisitions this year, including an additional 3.7 billion reais stake in mid-sized lender Banco Pan SA.
Its units, comprised of one common share and two preferred shares, are up roughly 30% this year.
Reporting by Carolina Mandl; Editing by Chris Reese and David Gregorio