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XP Investimentos, the largest independent brokerage firm in the country, has received authorization from the Central Bank to set up a bank. The process is expected to be completed in the second half of 2019, when the bank is expected to begin providing services.
After structuring the bank, XP will still need a new guarantee in favor of British Columbia, which is the operating license.
XP's bank will target brokerage clients, who will have access to a guaranteed investment loan. The idea is to allow the investor not to dispose of badets in emergency situations.
Another product will be the early repayment of investments without liquidity. If the investor wants to leave a CBD for a term of four years with only one year, he may apply for anticipation in a system similar to that put in place by traders and purchases with credit card. credit.
Traditional retail banking products, such as chequing and credit cards, are expected to remain in the future, according to a source close to the record. The interest rates and conditions applicable to the services have not yet been disclosed.
There is still no detail on the amount of investment in the project or who is to chair the bank. Guilherme Benchimol, founder and chairman of XP, is not in charge of the new institution.
Benchimol was planning to establish a retail bank linked to the brokerage firm at least since 2013. The project has not ceased its activities as it could disrupt the opening of the market. company capital, which came back into the radar this year after the acquisition of a minority stake by Itaú.
Despite the sale, the private equity funds still have an interest in the brokerage and are looking for the solution, which could be done by selling shares on the stock exchange. The plan is the Nasdaq list, the one chosen by the Stone card company this year.
Sought, XP declined to comment. The Central Bank has also not issued a statement on the authorization.
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