Brazil: Retorno de IPOs bancários é impulsionado por ofertas de instituições voltadas para digitalização dos serviços financeiros

Entre 2004 e 2007, um pouco mais de cem empresas brasileiras abriram seu capital. Destas, dez eram instituições bancárias. Em números, esse boom de ofertas iniciais de ações (IPOs, na sigla em inglês) arrecadou em 2007, segundo dados da Bolsa de Valores de São Paulo (Bovespa), cerca de R$ 55 bilhões.

Em 2005, a Nossa Caixa realizou um IPO. Dois anos depois, Pine, Sofisa, Paraná Banco, Cruzeiro do Sul, Daycoval, Indusval, ABC Brasil, BicBanco e Panamericano seguiram o mesmo caminho. Desde então, o movimento foi brecado, devido à falta de bons ativos no mercado.

Segundo Daniela Anversa, sócia da área de Mercado de Capitais do Veirano Advogados, uma das razões está associada ao fato de que os bancos que poderiam ir a mercado não eram interessantes. "Também acho que a performance da carteira de ações de bancos, depois de 2006, talvez não tenha sido extraordinária. Vimos bancos sendo vendidos através de M&As, mas não ofertas", afirmou.

Há aproximadamente duas semanas, dois bancos digitais demonstraram interesse em abrir seu capital. O Banco Inter entrou com um pedido de IPO na Comissão de Valores Mobiliários (CVM). Considerado o maior banco digital do Brasil em número de contas e o segundo em ativos, o banco mineiro declarou que pretende diversificar as operações de crédito, além de realizar investimentos em tecnologia, marketing e expandir os negócios com aquisições estratégicas.

Outro banco que está ensaiando fazer uma oferta é o Agibank, antigo Agiplan, para também acelerar seus planos de expansão. Em setembro do ano passado, o banco digital gaúcho tinha uma carteira de crédito no valor de R$ 900 milhões. Estima-se que seu IPO será da ordem de R$ 800 milhões.

Daniela acredita que a tecnologia por trás dessas duas instituições financeiras é o que pode ter motivado o interesse pelas ofertas. "O que a gente ouve de banqueiro é que investidor não gosta de setor regulado. Por que, de repente, eles olhariam para esse perfil? Pode ser a tecnologia por trás dessas contas digitais".

Particularidades

É notável que o perfil dos bancos de hoje é diferente daqueles que abriram capital há 12 anos. Antes, as instituições investiam em middle market e outros produtos bancários. Hoje, as fintechs priorizam a digitalização das atividades bancárias para facilitar a vida de seus clientes.

O mercado bancário no país é concentrado. Os bancos tradicionais, por vezes, não têm como atender alguns segmentos, como pequenas e médias empresas, principalmente, e pessoas físicas que demandam um estilo de conta digital, como a geração dos Millennials, que frequentam o banco pela internet ou celular.

Assim, os grandes bancos passaram a investir em tecnologia para realizar operações nos meios eletrônicos. Com a edição da Resolução 4.480/2016 do Conselho Monetário Nacional (CMN) sobre as contas digitais, esse movimento foi ainda mais reforçado.

"Há muita atratividade, seja para o cliente que consome serviços financeiros, seja para o investidor do mercado de capitais, que hoje tem liquidez e está vendo uma janela de oportunidades. As fintechs estão em crescimento e querem aproveitar essa janela", explica Antonio Giglio, sócio da área de Bancário do Demarest Advogados.

As contas digitais são uma tendência desde o internet banking. Conforme Giglio, os bancos médios que estão registrando pedidos de IPOs usam elas como grande atrativo, sem cobrança de tarifas. "Você consegue abrir uma conta sem cobrar tarifa para poder trazer o cliente para dentro e assim oferecer outros produtos bancários para ele, ganhando com as tarifas e taxas que poderão ser cobradas futuramente", disse.

Na opinião do sócio, o movimento de automação dos serviços financeiros é irreversível. As fintechs são mais ágeis do que os grandes bancos e estão conseguindo tirar clientes deles, lançando campanhas de contas digitais.

Diferenças e exigências

A sócia Daniela explicou que o processo de abertura de capital de um banco é igual ao de uma empresa, do ponto de vista da operação perante a CVM. Vanessa Fiusa, sócia da área de Mercado de Capitais do Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, concorda que não existem diferenças importantes, porém, no caso das instituições financeiras reguladas pelo Banco Central (BC), existem algumas questões que devem ser consideradas.

Uma delas diz respeito à governança corporativa dos bancos. O BC exige uma restrição regulatória para que haja uma participação de capital estrangeiro nas instituições. No Brasil, os bancos não podem ser controlados por estrangeiros. Assim, para fazer um IPO bancário no Novo Mercado e ter um capital social só de ações ordinárias (um voto por ação), o banco vai precisar de um decreto presidencial para liberar a operação.

De acordo com Vanessa, muitos bancos utilizam o chamado "decreto sem número" que permite com que as instituições financeiras autorizem a emissão de ações preferenciais, uma vez que elas não têm direito ao voto, salvo algumas exceções, como no nível 2. "Ou você precisa de um decreto presidencial ou precisa fazer um IPO de nível 1. Os IPOs de bancos serão feitos no nível 1, salvo se o banco for atrás do decreto. Muitos [bancos] hoje são nível 2. Como não há controle de quanto tempo vai demorar, eles fizeram o IPO no nível 1 e depois correram atrás do decreto e migraram".

Outra diferença apontada pela advogada do Mattos Filho diz respeito às demonstrações financeiras. Como são instituições reguladas pelo BC, elas são obrigadas a apresentar uma demonstração em um padrão contábil chamado "BACEN Gap", que é um conjunto de procedimentos contábeis adotado pela autoridade bancária. Além disso, o aumento de capital em uma instituição financeira também tem que ser homologado pelo Banco Central.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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