SÃO PAULO, Nov. 3, 2020
/PRNewswire/ -- Itaú Unibanco Holding SA ("Itaú Unibanco" or
"Company") informs its shareholders and the market in general that
it has been holding internal discussions about the future of its
investment in XP Inc. ("XP"), a company based in the Cayman Islands and listed on Nasdaq. In this
context, the Company informs it is at an advanced stage of
analyzing and discussing the possibility of segregating this
business line from the Itaú Unibanco conglomerate into a new
company ("Newco"), by spinning-of companies from the forementioned
conglomerate with part of its equity, represented by shares which
are equivalent of 41.05% of XP's capital, into Newco. After the
spin-off, Itaú Unibanco's shareholders would receive an equity
interest in Newco, whose only asset would be the business line
represented by these shares of XP. Newco would be listed on the
stock exchange and would become part of the XP Shareholders'
Agreement. If the Company finally decides to move forward with this
plan, it would not take place before December 31, 2020.
This study also provides for the possibility of selling the
remainder of the shares issued by XP held by Itaú Unibanco,
corresponding to 5% of XP's share capital, in order to monetize
part of its investment, which would generate an increase in the
Basel III Common Equity Tier I Capital. Such sale, if completed,
and depending on the applicable market conditions, would be
implemented through one or more public offers on Nasdaq or any
other stock exchange on which XP has its shares or depositary
receipts listed.
These transactions still depend on the approval of the Company's
Board of Directors, which will assess in detail the applicable
conditions and their respective effects. Any new decision,
negotiation or transaction related to the Company's stake in XP
will be promptly communicated to the market, as established in Itaú
Unibanco's Material Fact Disclosure Policy and in the Brazilian
Exchange Commission (CVM) Instruction No. 358/02.
São Paulo, November 3,
2020.
ALEXSANDRO
BROEDEL
Group Executive Finance Director and Head
of Investor Relations
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SOURCE Itaú Unibanco Holding S.A.