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Brazil's XP Investimentos reportedly postpones IPO plans

By BNamericas Tuesday, March 26, 2019

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Brazilian investment firm XP Investimentos reportedly postponed its plans to hold an IPO due to political and economic risks in Brazil.

The company, which was planning the IPO for mid-2019, will wait until the end of this year or 2020, according to an unnamed sourced quoted by local business daily Valor.

Brazil's economic recovery is still weak and a difficult political scenario could put congressional approval of a key pension reform proposal at risk.

The IPO of fast-growing XP has been long awaited by the investor community in Brazil.

In May 2017, local banking giant Itaú Unibanco agreed to pay 5.7bn reais (US$1.5bn at the time) for a 49.9% stake in XP. The initial agreement allowed Itaú to buy an additional 25% by 2022, but this was later blocked by the central bank due to market concentration concerns.

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