Business

With a new agreement, Softbank has now 14% of Banco Inter's capital

Banco Inter's shares have increased by 500% since the IPO

Banco Inter's headquarters in Brazil
  • One of the main investors of Inter, the Japanese group holds now 35 million units of the company;
  • Besides the number of units, the settlement brings along more rights for Softbank concerning the fintech, such as the possibility of naming a member for election in the director’s board.

In an official press release, Brazilian bank Inter announced that the Japanese conglomerate Softbank has increased shares in the bank’s capital, up from a prior 10% to 14%. One of the main investors of Inter, the Japanese group holds now 35 million units of the company.

In addition to the number of units, the settlement brings along more rights for Softbank concerning the bank. The first is what is called registration rights, which means that Banco Inter is obligated, under certain conditions, to enable the registration of public offers of shares issued by the bank, either in Brazil or in the United States. The other is the possibility of naming a member for election in the director’s board. Softbank will have this right as long as it owns at least 5% of Banco Inter’s share capital.

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“This agreement was concluded as a result of the know-how, technical capacity, and experience that Softbank can contribute to Banco Inter,” stated the bank on the official announcement.