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Broker XP eyes Credit Suisse's Brazil unit -sources

Stock MarketsMay 07, 2021 01:30PM ET
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© Reuters. FILE PHOTO: The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini

By Carolina Mandl and Tatiana Bautzer

SAO PAULO (Reuters) -Brazilian broker XP (NASDAQ:XP) Inc is interested in acquiring the Brazilian subsidiary of Credit Suisse (SIX:CSGN) Group AG, two sources familiar with the matter said on Friday.

Considerations are in very early stages, they said. One of the sources said it was clear the Swiss bank was not interested in selling the unit, at least for the time being.

In a statement released by the Brazilian operation of Credit Suisse, the Swiss bank "categorically denied" it was talking to any group about the matter. XP declined to comment.

A deal could double XP's asset management business. With 109 billion reais ($20.9 billion) under management in Brazil, Credit Suisse is the country's 14th-largest asset manager, according to industry group Anbima. XP has 105 billion reais in its funds.

Shares of XP on the Nasdaq rose more than 5% on the news of the broker's interest, first reported by business news website Brazil Journal.

One of the sources said a potential deal could include both shares and cash.

Credit Suisse is reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management.

Reuters reported in April that BlackRock Inc (NYSE:BLK) and Jean-Pierre Mustier's blank-check firm are among the investors expressing interest in Credit Suisse's asset-management arm.

($1 = 5.2215 reais)

Broker XP eyes Credit Suisse's Brazil unit -sources
 

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