XP Inc. Announces Termination of Shareholders Agreement
10 Juli 2023 - 1:00PM
Business Wire
XP Inc. (Nasdaq: XP), a leading, technology-driven platform and
a trusted provider of low-fee financial products and services in
Brazil, announced today the termination of its shareholders
agreement executed between XP Control LLC, General Atlantic (XP)
Bermuda (“GA”), LP, Itaúsa S.A. (“Itaúsa”), São Carlos
Investimentos Ltd. (“São Carlos”), São Marcos Investimentos Ltd.
(“São Marcos” and, together with Itaúsa and São Carlos, the “Iupar
Group”), ITB Holding Ltd. (“ITB”) and Itaú Unibanco Holding S.A.
(“Itaú Holding” and, together with ITB, “Itaú”), originally
expected to continue until October, 2026. This termination was
agreed to between the shareholders and strengthens XP Inc.'s
corporate governance practices and the composition of its board of
directors.
As a result of the termination,
1. Iupar Group will no longer have the right to nominate members
to our board, but together with Itaú, they will still be required
to adhere to the registration rights when selling their shares in
the market.
2. GA will maintain its right to nominate one board member as
long as it maintains a minimum of 2% ownership in XP Inc.; and
3. XP Inc.’s board will be reduced to 9 members (from 11) to
improve its effectiveness.
About XP
XP is a leading, technology-driven platform and a trusted
provider of low-fee financial products and services in Brazil. XP’s
mission is to disintermediate the legacy models of traditional
financial institutions by:
- Educating new classes of investors;
- Democratizing access to a wider range of financial
services;
- Developing new financial products and technology applications
to empower clients; and
- Providing high-quality customer service and client experience
in the industry in Brazil.
XP provides customers with two principal types of offerings, (i)
financial advisory services for retail clients in Brazil,
high-net-worth clients, international clients and corporate and
institutional clients, and (ii) an open financial product platform
providing access to over 800 investment products including equity
and fixed income securities, mutual and hedge funds, structured
products, life insurance, pension plans, real-estate investment
funds (REITs) and others from XP, its partners and competitors.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date they were first issued and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Words such as
"expect," "anticipate," "should," "believe," "hope," “aim,”
"target," "project," "goals," "estimate," "potential," "predict,"
"may," "will," "might," "could," "intend," variations of these
terms or the negative of these terms and similar expressions are
intended to identify these statements. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond XP Inc’s control.
XP, Inc’s actual results could differ materially from those stated
or implied in forward-looking statements due to several factors,
including but not limited to: competition, change in clients,
regulatory measures, a change the external forces among other
factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20230710041032/en/
Investor Contact: ir@xpi.com.br IR Website:
investors.xpinc.com
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