Elo Servicos SA, the payments firm owned by Brazilian state and private lenders, has chosen banks to handle its long-awaited initial public offering, according to people familiar with the matter.

The company has engaged Bank of America Corp., Bradesco and UBS BB to manage the deal, said the people who weren’t authorized to speak publicly about the situation. Elo is seeking a potential US debut in the second half of this year, the people said.