Brazil’s brokerage firm XP Investimentos, one of the leading distributors in of the country’s structured investment products market, has launched Banco XP after receiving an operational license by Banco Central do Brasil in October.
The new entity is now licensed to operate as a multi-purpose bank, and carry out commercial banking and investment activities. The authorisation comes after the Brazilian monetary authority gave the green light to the brokerage firm to develop its own bank in December last year. Banco XP will break away from traditional banking to provide customers with loans guaranteed by investments to avoid the redemption of funds before maturity. ”We want to be one of the issuers of the certificado d
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