Itaú aims at retail expansion with the acquisition of Ideal

The operation takes place just three months after the end of the agreement with XP, which prevented new acquisitions

01/14/2022

Until the beginning of October, Itaú Unibanco didn't have the Central Bank (BC) permission to make acquisitions in the investment area because of its agreement with XP. Once the split between the two institutions was finalized, the bank announced the purchase of another brokerage firm, Ideal. It will pay R$ 651.3 million for 50.1% of the company and, after five years, can acquire the remaining portion, with the business as a whole valued at R$ 1.3 billion.

Ideal Investimentos will be the spearhead for Itaú to enter businesses that it had not yet operated, according to Carlos Constantini, chief executive of the bank's wealth management and services division. As the digital brokerage mainly served institutional investors in high-frequency operations, the executive does not expect any barrier to the deal's approval, either by the Administrative Council for Economic Defense (Cade), or by the BC, as occurred in the transaction with the XP.

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