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    XP   KYG982391099

XP INC.

(XP)
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Broker XP eyes Credit Suisse's Brazil unit -sources

05/07/2021 | 01:25pm EDT
The Credit Suisse logo is seen at the headquarters in downtown Milan

SAO PAULO (Reuters) -Brazilian broker XP Inc is interested in acquiring the Brazilian subsidiary of Credit Suisse Group AG, two sources familiar with the matter said on Friday.

Considerations are in very early stages, they said. One of the sources said it was clear the Swiss bank was not interested in selling the unit, at least for the time being.

In a statement released by the Brazilian operation of Credit Suisse, the Swiss bank "categorically denied" it was talking to any group about the matter. XP declined to comment.

A deal could double XP's asset management business. With 109 billion reais ($20.9 billion) under management in Brazil, Credit Suisse is the country's 14th-largest asset manager, according to industry group Anbima. XP has 105 billion reais in its funds.

Shares of XP on the Nasdaq rose more than 5% on the news of the broker's interest, first reported by business news website Brazil Journal.

One of the sources said a potential deal could include both shares and cash.

Credit Suisse is reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management.

Reuters reported in April that BlackRock Inc and Jean-Pierre Mustier's blank-check firm are among the investors expressing interest in Credit Suisse's asset-management arm.

($1 = 5.2215 reais)

(Reporting by Carolina Mandl and Tatiana Bautzer in Sao Paulo, Oliver Hirt in ZurichEditing by Brad Haynes and Matthew Lewis)

By Carolina Mandl and Tatiana Bautzer


ę Reuters 2021
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Financials (USD)
Sales 2021 2 219 M - -
Net income 2021 522 M - -
Net cash 2021 2 346 M - -
P/E ratio 2021 48,9x
Yield 2021 0,24%
Capitalization 25 599 M 25 599 M -
EV / Sales 2021 10,5x
EV / Sales 2022 7,67x
Nbr of Employees 9 000
Free-Float 26,6%
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Technical analysis trends XP INC.
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 45,79 $
Average target price 51,60 $
Spread / Average Target 12,7%
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Managers and Directors
Thiago Maffra Chief Executive Officer
Bruno Constantino A. dos Santos Chief Financial Officer & Independent Director
Guilherme Benchimol Executive Chairman
Guilherme SantĺAnna Monteiro da Silva Independent Director
Maria Helena dos Santos Fernandes Santana Independent Director
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