(Bloomberg) XP Inc., Brazil’s largest brokerage, is buying lender Banco Modal SA, as the country’s surging interest rates and plummeting stock market push upstart financial firms to consolidate.
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Brazil broker XP eyes acquisition to add clients, tech, says incoming CEO Reuters 2 days ago
SAO PAULO, May 11 (Reuters) - Brazilian brokerage XP Inc said it is interested in acquiring companies which increase its number of clients or add new technologies, incoming Chief Executive Thiago Maffra told journalists on Tuesday.
Last week, Reuters reported that XP was eyeing the Brazilian subsidiary of Credit Suisse Group AG, citing sources. XP s founder Guilherme Benchimol declined to comment on the matter, adding XP s priority is organic growth.
(Reporting by Carolina Mandl)