BB Insurance IPO Put on Ice

Banco do Brasil is expected to announce remedial measures to the market today, after the country’s markets regulator, the CVM, suspended the bank’s insurance carve-out IPO on Monday. The CVM put the sale on hold for 30 days after finding the bank used non-approved marketing materials. The bank plans to raise more than BRL9bn ($4.5bn) with the IPO of the unit known as BB Seguridade. The IPO was due to be priced on April 23. Banco do Brasil, BTG Pactual, Bradesco, Citi, Itau and JPMorgan are global coordinators, with Brasil Plural and Banco Votorantim joint bookrunners.