(Reuters] – Brazilian lender Itau Unibanco Holding SA has denied that they are in discussions with Charles Schwab (NYSE:) Corp will sell a stake XP broker (NASDAQ:) Inc. to the U.S. Discount brokerage.

Itau made these remarks after Valor Economico, a Brazilian newspaper reported that Schwab had been considering such a deal in light of the Brazilian bank purchasing an 11.3% stake in XP just two weeks earlier.

Sources claimed that the U.S. company was interested in the deal. The report saw XP-traded shares on Nasdaq rise after it was reported.

In a statement via its press service, the lender claimed that “Itau Unibanco has denied it is in contact” with Charles Schwab.

Schwab indicated that Schwab would not comment on “rumors and speculation.”

Reuters asked XP to comment but it did not reply immediately.