Brazil’s Itau Unibanco buys stake in XP Inc for $1.6 billion

Industry: Financial services 2022-04-30

Brazilian lender Itau Unibanco said on Friday it has acquired an 11.36% stake in brokerage XP Inc for around 8 billion reais ($1.61 billion).

The deal does not change XP’s governance and should not have a relevant effect on the 2022 results, said the lender in a securities filing.

In November, Itau received approval from Brazil’s central bank to buy the stake.

Source: Reuters.com

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