Itaú digs claws into Brazilian “un-bank” XP Investimentos, buying 49.9% for USD 2 billion

The online broker has amassed 410,000 end clients via a network of 2,000 independent agents, and has tried to appeal to investors seeking an alternative to banks. XP has become an important channel for independent asset managers, who are unable to get onto the platforms of large banking entities.

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