Bicbanco Schedules IPO

Brazil’s Banco Industrial e Comercial plans to raise BRL683-BRL900m through a Bovespa IPO. The 62.12m share issue is expected to begin trading October 15, at BRL11-BRL14.50 per share. UBS Pactual will lead, with Bradesco, Banco Fator and HSBC as joint leads. The mid-sized private bank would become the 10th Brazilian financial institution to sell shares so far this year. Proceeds will be used to finance domestic credit portfolios, add to cash reserves and expand Bicbanco’s retail capacity.