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Itaú lowers stake in XP through follow-on

Itaú lowers stake in XP through follow-on

December 4, 2020 | Joe Rowley
Brazilian bank could earn up to $1.05 bln from the sale of 5% of the brokerage firm on the Nasdaq

Corporate & Sovereign Strategy Capital Markets Debenture Debt Brazil Latin America United States

Brazilian bank Itaú Unibanco said Thursday that it could earn up to $1.05 billion from the sale of part of its stake in the local brokerage firm XP Inc through a follow-on equity offering on the Nasdaq stock exchange in New York. Itaú said its subsidiary ITB Holding Brasil Participações sold $935 million worth of shares, representing 4.4% of XP's capital stock, on Wednesday and added that it could sell a total of 5% if it exercises the greenshoe option. The Brazilian bank now holds 41.1% of XP,

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