Brazil’s SulAmérica to IPO, Say Bankers

SulAmérica, a Brazilian insurance provider 49% owned by ING, is close to filing IPO documents with the CVM, according to local bankers away from the deal. Unibanco is heard to have been tapped for the deal. SulAmérica would join a growing number of financial companies accessing Brazil’s public markets. A slew of mid-market banks, a giant credit card company, and two offshore asset managers have already gone public, with mixed results. In Brazil, consumer plays like credit cards and large retail banks have been among the strongest performers.