Inter & Co., Inc. (NASDAQ:INTR) is one of the 10 Best Financial Stocks to Buy for the Long Term. On January 26, Inter & Co, Inc. (NASDAQ:INTR) announced that its board of directors had approved plans to begin liquidating the company’s Tier II sponsored Brazilian depositary receipt (BDR) program. It also intends to move towards an unsponsored Tier I BDR structure, pending regulatory approvals from B3 and Brazil’s securities regulator, the CVM.

Once the sponsored Level II BDR program is discontinued, Inter & Co, Inc. (NASDAQ:INTR) also plans to deregister with the CVM as a Class A foreign issuer. According to the company, this step is designed to simplify its regulatory setup and eliminate duplicative requirements associated with listing in multiple jurisdictions.

The above development is relevant to existing shareholders, as under the proposed plan, once the process has been formally initiated and approved, holders of the company’s Tier II BDRs will have a 30-day period to decide how they want to proceed. Investors can choose to receive Nasdaq-listed Class A shares, sell the underlying shares through a company-facilitated process, or convert their holdings into unsponsored Level I BDRs on an individual basis.

Prior to this announcement, the stock market had seen a positive shift in analyst sentiment. On January 22, UBS increased their target price on Inter & Co, Inc. (NASDAQ:INTR) from $10.5 to $11, while reaffirming a buy rating. The revised target price suggests a 14.46% upside from current levels.

Inter & Co., Inc. (NASDAQ:INTR) engages in insurance brokerage, banking and expense, investment and store-to-store businesses in the United States and Brazil. It offers banking products and services such as deposits, cards, checking accounts, loans and advances and other services. The company was incorporated in 1994 and is based in Belo Horizonte, Brazil.

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Disclosure: no. This article is originally published in Monkey Insider.