Itaú bank bought another 11.36% of XP for a trifle of 8 billion reais. In fact, on April 29, 2022, Itaú (BOV: ITUB3) (BOV: ITUB4) informed that it had acquired this “piece” of XP. In addition, it is important to note that the bank had already advanced this amount in accordance with the 20F form at the SEC, the US Securities and Exchange Commission. However, there is still an environment of doubt regarding the use of this new block of shares acquired by the institution.
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In view of this, in March, Itaú told the Broadcast that it intends to sell them, being the only time that it commented on this acquisition. Evidently, in the original agreement, Itaú was heading towards the majority acquisition of the company, however, this did not take place. What matters, without a doubt, is that this transaction is resuming, however transitory it may be, again, the union of two “rivals”. Thus, in the same 20F in which it dealt with the purchase of shares, Itaú pointed out that XP competes with it in the investment market.
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