Agibank IPO Delay: Potential Postponement Confirmed

Brazilian FinTech Agibank reportedly ‍may postpone a planned initial⁣ public offering (IPO) in the United States after Brazil’s social security system suspended one of⁣ the firm’s main businesses.

The social security system,INSS,stopped the firm from ‌making new⁢ payroll-deduction loans for ⁣retired workers in December,citing “serious irregularities,” Bloomberg reported Friday (jan. 9).

agibank may ⁣need too put off its planned U.S.IPO until it clarifies the reason⁢ for the alleged irregularities and ​gets that suspension lifted, the report said, citing​ unnamed sources.

Asked about this report by Bloomberg,Agibank reportedly said that it doesn’t comment‍ on market speculation and will communicate any relevant deals to the market.

In an INSS press release issued Dec. 3 and translated by Google, the INSS said it suspended the acceptance of new ‌credit consignation registrations from Agibank due to the irregularities.