In a statement Brazilian lender Itau Unibanco said, it has acquired a 11.36% stake in XP Inc a brokerage house, for around $1.61 billion (8 billion reais).

In a securities filing, XP Inc said, the purchase does not change its governance and should not have any material impact on its 2022 results.

In November 2021, Itau had received an approval from Brazil’s central bank to buy the stake.

($1 = 4.9721 reais)

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Tags: acquisition, board of directors, Brazil, Brazilian, brokerage, central bank, financial institution, governance, impact, Itau Unibanco, lender, M&A, merger, stake, XP Inc