June 24, 2017 / 1:32 PM / a year ago

Itaú's Setubal sees high growth at Brazil's XP

SAO PAULO, June 24 (Reuters) - The price that Itaú Unibanco Holding SA paid for a minority stake in Brazilian independent securities firm XP Investimentos SA embeds “very high growth rates” ahead, co-Chairman Roberto Setubal said on Saturday.

Itaú, Brazil’s largest bank, paid 5.7 billion reais ($1.76 billion) for the 49.9 percent stake in May to grow in the retail brokerage and money management segments. Setubal said during a speech at an event in Sao Paulo that keeping XP as an independent financial firm is good to help deepen capital markets activity in the long run. (Reporting by Guillermo Parra-Bernal; Editing by Marguerita Choy)

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