The Brazilian credit card networking services provider Visanet is planning an initial public offering of shares on the Sao Paulo Stock Exchange in the next 90 days, Milton Vargas, a vice president of Banco Bradesco SA, said Monday.

Visanet is 40% controlled by Bradesco and 32% by the state-run Banco do Brasil SA.

The Brazilian subsidiary of Banco Santander SA holds 14% of Visanet, while Visa Inc. has 10%.

"The decision to hold an IPO has been taken by the controllers," Vargas said during a conference call with reporters. "Over the next few days Visanet will send the necessary documents to the Brazilian Securities and Exchange Commission."

The executive said Visanet's controllers have not decided how many shares they would offer under the IPO.

According to local news reports, the IPO could raise between $2.33 billion and $4.66 billion.

The offering would be the first this year in Brazil and could turn out to be one of the largest ever there, rivaling that of Redecard SA in 2007.

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