Japanese conglomerate SoftBank raises stake in Brazilian lender Banco Inter

by   |  VIEW 580

Japanese conglomerate SoftBank raises stake in Brazilian lender Banco Inter

On Monday, the 16th of September 2019, Japanese multinational conglomerate holding company headquartered in Tokyo, SoftBank Group Corp., had increased its stake in Brazilian lender Banco Inter SA to 14.94 per cent from an earlier 8.10 per cent, pointing towards a full-fledged push of the Japanese Conglomerate aimed at challenging Brazil’s highly-clogged lending sector.

In point of fact, latest move of Japanese Conglomerate came less then three months after it had first acquired an 8.10 per cent stake in Banco Inter following an offering which raised roughly $318.50 million. On top of that, the Banco Inter, founded back in 1994 and headquartered at Belo Horizonte in the Brazilian state of Minas Gerais, which went public less than a couple of years ago, had been growing at a breakneck haste with its number of clients soaring to 2.5 million by the end of Q2, 2019, up from 250 per cent on a year-on-year basis.

Meanwhile, aside from allowing Japan’s SoftBank to increase its stake to a nearly one-seventh of the Brazilian lender, Banco lender had also issued a statement on Monday (September 16th) followed by an approval of SoftBank move by its management board saying that its controlling stakeholders, Joao Vitor N.

Menin alongside Rubens Menin Teixeira de Souza had alos reached a shareholder accord with SoftBank to allow it to appoint a board member in the Banco Inter, which currently has a market valuation of 13.6 billion Brazilian Reais.