Brazilian investment platform XP announced on Wednesday its wholesale banking brand, as it shapes its structure to compete more directly with the country’s large financial conglomerates and is preparing to go international.
The so-called XP Banco de Atacado will bring together the corporate unit, focused on companies with annual revenue starting at BRL 700 million; the private unit; the investment banking unit; and the areas of institutional relations, international, and research. The arm that currently serves medium-sized companies will remain within the corporate unit. Altogether, XP wholesale bank will have approximately 570 employees.
The launch of its own wholesale bank is a further step by the company best known for its investment platform to have a more complete banking business, about two years after José Berenguer, former president of JPMorgan in Brazil, came to lead the area.
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Pedro Mesquita, who heads the company’s investment banking area, said that XP has already been among the top five in the country in the last years when it comes to stock offerings, fixed-income operations, and mergers and acquisitions.
Mesquita also revealed that he intends to start the international expansion of XP Banco de Atacado, but gave no further details. “We intend to soon expand our operations outside Brazil,” he said in an online press conference with journalists.
In the unit that serves high net worth clients, XP claims to have about BRL 250 billion in assets under management. “Our goal is to reach BRL 300 billion still in 2022,” said Berenguer.