UPDATE 1-Brazilian payments firm Elo moves ahead with potential US IPO, sources say

Bank of America Corp

Bank of America Corp

BAC

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Updates with Elo's response in paragraphs 3-4

SAO PAULO, May 11 (Reuters) - Brazilian payments firm Elo is moving ahead with plans for a possible initial public offering in the U.S., two people familiar with the matter told Reuters.

Founded in Brazil, Elo debuted in 2011 with debit and credit cards and has since expanded into other areas, including specialized and prepaid cards and fraud prevention.

Elo told Reuters that it does not comment on market rumors.

In its statement, Elo added that "the company continuously evaluates strategic alternatives and opportunities in the capital markets," noting that no decision - regarding the IPO - has been taken.

Bradesco, Bank of America and UBS declined to comment.

The information was first reported by Bloomberg News.


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