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Brazil's Banco BMG prices preferred shares in IPO at 11.60 reais each -sources

SAO PAULO, Oct 24 (Reuters) - Small, retail Brazilian lender Banco BMG SA priced its preferred shares in an initial public offering at 11.60 reais each on Thursday, two sources with knowledge of the matter said.

Both the bank and its shareholders raised 1.6 billion reais ($396.00 million) in the offering, the sources said. Investment banking units of XP Investimentos SA, Itau Unibanco Holding SA, Credit Suisse, Brasil Plural and Banco do Brasil SA managed the offering. ($1 = 4.0404 reais) (Reporting by Carolina Mandl and Tatiana Bauter Editing by Leslie Adler)