SAO PAULO, May 24 (Reuters) - Banco Inter SA's
units soared on Monday after payments company StoneCo Ltd said
it would buy a stake of up to 4.99% in the Brazilian online bank
and the bank separately announced plans for a Nasdaq listing.
Banco Inter units rose 23% in Sao Paulo, its
second-largest daily rise in a year. BTG Pactual analyst Eduardo
Rosman said in a note to clients the agreement with Stone
"brings a very strong partner" for Inter and its future U.S.
listing gives its controlling shareholders more firepower for
Stone, which is backed by U.S. investors such as Berkshire
Hathaway Inc, will have the right of first refusal in
case Inter's control changes, and a seat at the digital bank's
board. Rosman compared the Inter-Stone agreement with the
partnership between Square Inc and CashApp.
Brazilian payments company StoneCo said it planned
to spend $471 million on new shares in Banco Inter, which is
also backed by SoftBank Group Corp.
The agreement bolsters Inter's competitive profile against
large Brazilian banks. Banco Inter intends to list its shares on
Nasdaq as Inter Platform. Current shareholders in Brazil will
either receive U.S. listed shares or Brazilian Depositary
It is unclear whether Inter units can remain part of the
local index Bovespa, which is usually restricted to
locally-listed shares. B3 did not reply to a Reuters request for
($1 = 5.3203 reais)
(Reporting by Tatiana Bautzer and Paula Laier, additional
reporting by Carolina Mandl, editing by Marguerita Choy and Nick