for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Itaú calls shareholder meeting to decide XP stake spinoff

SAO PAULO, Dec 31 (Reuters) - Itaú Unibanco Holding SA , Brazil’s largest lender by market value, has convened an extraordinary shareholder meeting on Jan. 31 to decide on spinning off its 40.5% stake in brokerage XP Inc , according to a Thursday filing.

Itaú said last month that the new company would be directly owned by the bank’s shareholders.

Itaú raised at least $956.4 million by selling a 4.4% stake in XP in a share offering on December 3.

Itaú’s decision to divest in XP comes after its plans to take control of the major fintech group in 2017 were blocked for antitrust reasons two years later. (Reporting by Paula Arend Laier)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up