Stock Market News
Brazil’s Itau Unibanco buys stake in XP Inc for $1.6 billion
2022.04.30 01:18
FILE PHOTO: A man is reflected in an Itau branch window in Rio de Janeiro, Brazil April 29, 2019. REUTERS/Sergio Moraes
(Reuters) – Brazilian lender Itau Unibanco said on Friday it has acquired an 11.36% stake in brokerage XP (NASDAQ: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.
($1 = 4.9721 reais)
