Agreement paves XP’s ‘way out’ to Itaú By Estadão Content

XP (NASDAQ 🙂 – holding company that controls XP – yesterday reached an agreement with Itaú and Itaúsa (SA 🙂 (the bank’s investment vehicle) to separate XPart, a company created by the bank and which represents 40.5% of the broker participation. capital. The investment company committed to finalizing the merger of the new company within 120 days. The move marks the start of the exit of the largest bank in Latin America two years after its landing in the brokerage.

In the new shareholders’ agreement that will arise with the incorporation of XPart, Itaú Unibanco (SA 🙂 ceases to have certain privileges. The bank will no longer have veto power over XP’s decisions, nor will it be able to appoint new members to the board of directors or the internal audit committee, nor will it receive any more internal company information. In turn, XP’s majority shareholders are free to sell control of the company.

Itaúsa, which will have 15.1% of XP’s total share capital (and 4.8% of the voting capital) after the XPart merger, will have the right to appoint up to two members of XP’s board of directors and You will continue to receive information from the company. The new shareholders agreement will be valid until October 30, 2026 or until Itaúsa reduces its stake in XP to below 5%. A clause prevents Itaú’s investment arm from selling the remaining stake until October 30, 2021.

According to Itaú and Itaúsa, despite having already been approved by both companies, XPart’s constitution still depends on regulatory approval from (Fed, the US central bank), since the broker has shares listed in the United States.

Sale of shares

Itaú Unibanco also announced yesterday that it obtained a profit of R $ 3.2 billion with the partial sale of its stake in XP Inc. in the fourth quarter of 2020.

In addition to the gain with XP, Itaú also reported that it constituted provisions for the amounts of R $ 220 million with the readjustment of its structure and R $ 379 million with the mark-to-market of guaranteed debt securities (value adjustment). It also allocated R $ 179 million to amortize the goodwill from past acquisitions. All these movements and others took place between October and December.

Together, extraordinary events make the difference between recurring net income, which reflects the daily life of the bank, and accounting, which considers those that do not occur frequently. Itaú’s net accounting result totaled R $ 7.6 billion in the fourth quarter, 1.5% more in one year. The recurring net of the largest bank in Latin America was R $ 5.39 billion in the period, 26.1% less, in the same comparison.

The information is from the newspaper The State of S. Paulo.