SAO PAULO May 12 Itaú Unibanco Holding SA,
Brazil's largest bank, will boost its market share in asset
management and fee income over the next years through the
acquisition of a stake in online broker XP Investimentos, Chief
Executive Officer Candido Bracher said on Friday.
Bracher confirmed that the deal announced late on Thursday
meant XP Investimentos has scrapped plans for an initial public
offering in the short term.
Itaú agreed to buy 49.9 percent of XP for 6.3 billion reais
($2 billion), allowing XP to be run independently for at least
seven years. Under terms of the transaction, Itaú will acquire
additional stakes and have options to get full control between
2024 and 2033.
($1 = 3.12 reais)
(Reporting by Aluisio Pereira; Writing by Tatiana Bautzer;
Editing by Dan Grebler)