IRB-Brasil Re stakeholder urges new IPO delay - FREE

IRB-Brasil Re stakeholder urges new IPO delay - FREE

Itaú Unibanco Holding, one the banks that wants to sell its stake in Brazilian reinsurer IRB-Brasil Re, has asked the Brazilian Securities and Exchange Commission to suspend the planned IPO by 60 days.

The Brazilian bank, which is the country's largest private-sector lender, gave no reason in its statement for the request but said that it will keep the market informed of any eventual developments related to the matter.

Economic problems in Brazil are making it increasingly difficult for companies to tap the capital markets. In October, Reuters reported that the investment banks managing the IRB Brasil IPO, some of which are shareholders of the company, wanted to suspend the deal indefinitely.

The former reinsurance monopoly is controlled by Itaú, Banco Bradesco and state-owned Banco do Brasil, as well as the government itself.

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