Central bank to weigh in on Itaú acquisition of XP

Central bank to weigh in on Itaú acquisition of XP

Economy & Policy M&A Funds Asset Management Regulation Brazil

Brazil's antitrust agency CADE has asked the central bank to review the planned acquisition of XP Investimentos by Itaú Unibanco. Itaú has agreed to buy 49.9% of XP and possibly increase its stake to as much as 74.9% by 2022 for BRL5.7bn ($1.54bn). CADE approved the deal in March. But local business daily Valor Econômico reported that the central bank could limit Itaú's stake to 49.9% or impose other restrictions on the deal. As it stands, if Itaú tries to buy a majority stake in XP, the bank

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