Banco do Brasil announces $1.39 billion share offering, to be priced Oct. 17

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© Reuters. FILE PHOTO: The Banco do Brasil logo is seen outside a bank office in Sao Paulo© Reuters. FILE PHOTO: The Banco do Brasil logo is seen outside a bank office in Sao Paulo

SAO PAULO (Reuters) – State-controlled Banco do Brasil SA (SA:) announced on Thursday a 5.75 billion real ($1.39 billion) secondary share offering.

In a securities filing, the bank said it will sell up to 132.5 million common shares, owned by severance workers fund FGTS and the bank’s treasury.

The offering will be managed by the investment banking units of Caixa Economica Federal, Banco do Brasil, JPMorgan Chase & Co (NYSE:), Credit Suisse (SIX:) Group AG and XP Investimentos.

The bank expects to price the offering on Oct. 17, it said in a securities filing. Considering closing prices on Wednesday, shareholders may raise 5.75 billion reais.

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