March 14, 2018 / 4:27 PM / 3 months ago

Brazil watchdog approves Itaú-XP deal, demands no asset sales

BRASILIA, March 14 (Reuters) - Brazil’s antitrust watchdog Cade on Wednesday approved the purchase of a non-controlling stake in financial services firm XP Investimentos SA by Itaú Unibanco Holding SA, the nation’s largest bank, demanding no additional asset sales.

Five of the seven members of Cade’s board voted in favor of the transaction, by which Itaú will take on a 74.9 percent stake in XP and a 49.9 percent stake in its voting capital by 2022 for 5.7 billion reais ($1.8 billion).

$1 = 3.26 reais Reporting by Bruno Federowski and Leonardo Goy

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