{"id":389020,"date":"2020-11-27T07:51:44","date_gmt":"2020-11-27T12:51:44","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389020"},"modified":"2020-11-27T07:51:44","modified_gmt":"2020-11-27T12:51:44","slug":"xp-inc-comments-on-november-26-2020-announcement-by-itau-unibanco-holding-s-a","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/xp-inc-comments-on-november-26-2020-announcement-by-itau-unibanco-holding-s-a\/","title":{"rendered":"XP Inc. Comments on November 26, 2020 Announcement by Ita\u00fa Unibanco Holding S.A."},"content":{"rendered":"
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S\u00c3O PAULO, Brazil, Nov. 27, 2020 (GLOBE NEWSWIRE) — XP Inc., or XP, a leading, technology-driven platform and a trusted provider of\u00a0low-fee\u00a0financial products and services in Brazil, today commented, following the material fact released to the market on November 26, 2020, or the material fact, by Ita\u00fa Unibanco Holding S.A., or Ita\u00fa, in which Ita\u00fa communicated (i) the approval by its board of directors of the spin-off of its investment in XP, which will be segregated into a newly formed company, or Newco, whose only assets would be common shares of XP representing 41.05% of XP\u2019s share capital, and (ii) the potential sale by Ita\u00fa of 5% of XP\u2019s share capital, as previously communicated by Ita\u00fa on November 3, 2020, that XP has initiated studies on possible corporate structures that seek to maintain the interests of Ita\u00fa aligned with those of XP and their respective shareholders and agree on any necessary changes to XP\u2019s corporate governance to allow for the implementation of such structures.<\/p>\n

XP is seeking to enhance its corporate governance structure, including by eliminating any potential conflicts of interests and maximizing its leverage potential through its capital structure, in a way that only the controlling shareholders of XP would hold Class B common shares, which carry supervoting rights.<\/p>\n

As part of its studies and discussions, XP is evaluating a proposal to merge Newco into XP, which, if approved, will result in the delivery to Newco shareholders of Class A common shares of XP directly or through the issuance in Brazil of Brazilian Depositary Receipts. XP will conduct additional studies to finalize the corporate structure and ensure that it meets the best interests of XP and its shareholders. <\/p>\n

\n About XP<\/strong>\n <\/p>\n

XP is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil. XP\u2019s mission is to disintermediate the legacy models of traditional financial institutions by:<\/p>\n