Itau Unibanco bought a stake in Brazil’s XP in line with its strategy, sources at the Brazilian bank told Funds Society on Monday.
Itau bought an 11.36% stake in brokerage XP for about 8 billion reais (equivalent to about $1.6 billion approximately).
Sources at the Brazilian bank told Funds Society that the XP purchase is in line with Itau’s strategy.
“It is part of Itau’s strategy to buy entities that have attractive profitability,” the sources said.
Itau clarified in an internal memo that the deal does not change XP’s governance and this purchase is not expected to have a relevant effect on 2022 results.
In November, Itau received approval from Brazil’s central bank to buy the stake, Reuters reported.
The bank sources added that Itau is expected to buy companies “in the Fintech field.”