December 19, 2018 / 6:05 PM / 6 months ago

Brazilian central bank issues banking license to broker XP Investimentos

SAO PAULO, Dec 19 (Reuters) - Brazil’s central bank on Wednesday issued a banking license to XP Investimentos SA, it said in a statement, making the brokerage the most recent newcomer challenging traditional players in a highly concentrated banking sector.

XP did not comment on its plans to operate as a bank.

XP has among its shareholders Brazil’s largest private lender Itaú Unibanco Holding SA and private equity firms General Atlantic LLC and Dynamo Administração de Recursos, besides its founder and Chief Executive Guilherme Benchimol and other individuals which control the firm through a partnership.

In August, XP said it was seeking to reach 850,000 clients by the end of 2018 and 225 billion reais ($58 billion) in assets under management. XP aims to extend loans to its clients and expects the bank to start operating in the second half of 2019, one source with knowledge of the matter said.

$1 = 3.8774 reais Reporting by Carolina Mandl; editing by Diane Craft

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