Itaú Unibanco obtained authorization from BC (Central Bank) to acquire approximately 11.38% of the total share capital of XP Inc., according to a statement to the market released this Monday (8) by the bank.
The operation was provided for in a contract signed between the parties in 2017, when the bank purchased 49.9% of XP’s share capital.
After the investment, however, Itaú and XP began to adopt in recent years an aggressive posture in competition with each other, with provocations in advertising pieces. In 2020, the broker made a promotion. The customer who did a TED from Itaú to XP would get an XP vest as a gift.
According to the statement released on Monday by Itaú, the consummation of the transaction is expected to take place in 2022, after the disclosure of the audited financial statements of XP Inc. for the year 2021.
Approvals from regulatory bodies abroad are still required to complete the acquisition.
On November 3, the bank reported net income of R$6.8 billion in the third quarter, up 34.7% year-on-year.
Unlike 2020, the results do not consider the contribution of the operation of XP Inc, a company whose participation in the capital was segregated from the Itaú Unibanco business line on May 31, 2021.
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