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Brazil bank Itau sells stake in broker XP for $154 million -report -Breaking

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© Reuters. FILEPHOTO: This is an image of a man reflected in an Itau branch windows in Rio de Janeiro (Brazil), April 29, 2019. REUTERS/Sergio Moraes/File Photo

(Reuters) – Itau Unibanco Holding SA, a Brazilian lender, sold Tuesday some of the roughly 11% interest in New York-listed broker XP Inc (NASDAQ:) Inc. The transaction was worth approximately $154 Million. Brazil Journal did not specify where it got this information.

Itau bought 6.78 millions shares for $22.65 each. This is 4.4% off the closing price of the day, according to the website. However, it did not name the buyer, nor give details about the amount remaining.

Itau had denied that it was discussing selling a share in XP. The news comes nearly a year after Itau denies being in negotiations to sell XP shares to U.S. brokerages. Charles Schwab (NYSE:) Corp.

Reuters asked Itau and XP to comment but neither responded.

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