Fidelity gets in on Pine preferred shares, taking 6.7%

- Thursday, February 10, 2011

Fidelity gets in on Pine preferred shares, taking 6.7%

US-based investment group Fidelity has taken 6.7% of the preferred shares of midsize Brazilian bank Banco Pine, according to a securities filing.

Fidelity said it bought 2.68mn preferred shares, which were up 3.3% to 13.60 reais in trading Thursday.

Earlier this year, Pine reached the 25%-minimum free float requirement set by stock exchange Bovespa and hired XP Investimentos as its market maker for its preferred shares.

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Banco Pine plans to release its 4Q10 results on March 2.