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

A person is mirrored in an Itau department window in Rio de Janeiro, Brazil April 29, 2019. REUTERS/Sergio Moraes

April 29 (Reuters) – Brazilian lender Itau Unibanco (ITUB4.SA) mentioned on Friday it has acquired an 11.36% stake in brokerage XP Inc (XP.O) for round 8 billion reais ($1.61 billion).

The deal doesn’t change XP’s governance and shouldn’t have a related impact on the 2022 outcomes, mentioned the lender in a securities submitting.

In November, Itau obtained approval from Brazil’s central financial institution to purchase the stake.

($1 = 4.9721 reais)

Reporting by Carolina Pulice and Peter Frontini; enhancing by Bernard Orr

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