Brazil’s Itau Unibanco buys stake in XP Inc for $1.6 billion

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FILE PHOTO: Man is reflected in an Itau branch window in Rio de Janeiro

(Reuters) – Brazilian lender Itau Unibanco said on Friday it has acquired an 11.36% stake in brokerage XP Inc for around 8 billion reais ($1.61 billion).

The deal does not change XP’s governance and should not have a relevant effect on the 2022 results, said the lender in a securities filing.

In November, Itau received approval from Brazil’s central bank to buy the stake.

($1 = 4.9721 reais)

(Reporting by Carolina Pulice and Peter Frontini; editing by Bernard Orr)

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