Daycoval Follows Banco Pine, Sofisa

Brazilian Banco Daycoval will join two other mid-sized banks to list on Bovespa this year – Sofisa and Pine – after it filed with the securities commission, CVM, to launch an IPO of preferred shares later this year. UBS will coordinate the offering. The São Paulo-based bank booked revenues of $218m in 2006, a 60% rise over 2005 sales. Other mid-tiered banks in the pipeline include Banco Cruzeiro do Sul, Banco Bonsucesso, and Paraná Banco.