June 14, 2018 |
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
Brazil's monetary authority could limit the bank to a minority stake in the financial services firm, according to press reports