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Brazil's Bradesco mulls listing of broker Agora

SAO PAULO, Sept 21 (Reuters) - Brazil's second-largest private-sector lender Banco Bradesco SA is considering a spinoff and listing of its broker unit Agora, Goldman Sachs' analysts said in a note to clients.

"Bradesco's plan is to raise capital with the intention to support Agora's investments in human resources, marketing, horizontal M&A, and corporate governance in order to prepare for an eventual IPO," the analysts wrote, adding the plans were unveiled by the bank's investor relations executives in a video conference.

Leandro Miranda, Bradesco's investor relations officer, said an IPO will occur within 4-5 years, while the spinoff would happen by year-end.

Agora has 500,000 clients and 65 billion reais ($12.05 billion) under management, but is expected to reach 200 billion reais as Bradesco plans to bring some of its private banking, asset management and custody deposits.

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Currently, Brazil's only listed broker is XP Inc, which has a market capitalization of nearly $24 billion on Nasdaq, with 436 billion reais in assets under custody.

($1 = 5.3964 reais) (Reporting by Carolina Mandl; Editing by Bernadette Baum)