Brazil: Central Bank considering restrictions on Itaú Unibanco purchase of XP Investimentos

Brazil’s central bank is said to be mulling whether it accepts or rejects a series of restrictions imposed on Itaú Unibanco Holding and its attempt to buy a non-controlling interest in the financial services company XP Investimentos SA.

The competition regulator, CADE, approved the purchase made by Brazil’s largest bank in March, with a vote of 5 to 2. The issue will be seen by the central bank’s board.

The central bank will have until July to determine its position in this regard, although it is expected to act much earlier. Itaú seeks to buy up to 74.9% of the shares of XP, with 49.9% of its shares entitled to vote, before 2022 in exchange for BRL5,700 million (US $ 1,670 million).

Full Content: Reuters

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