Banco Modalmais announced this Friday, the signing of a binding agreement (MoU) for the incorporation of up to 100% of Banco Modal’s shares by an XP subsidiary through a corporate reorganization, as described in the Material Fact sent to the Real Estate Securities Commission (CVM). The transaction will be carried out through the delivery of 19.5 million class A shares issued by XP (or XP BDRs backed by them), which represents a 35% premium on the average price of the last thirty days of Banco Modal.
According to the company, the closing of the transaction is subject to approval by the Administrative Council for Economic Defense (Cade), the Central Bank and the company’s shareholders – the merger of shares must have the approval of the majority of the holders present at the general meeting. The operation is expected to be completed within 15 months from today, depending on obtaining the necessary regulatory approvals.
“With Modal we were able to anticipate and accelerate partnerships with our corporate clients through the unique and well-established Modal as a Service platform”, says XP Inc. CEO, Thiago Maffra, noting that the operation is only possible due to a strong cultural alignment and long-term vision.
In September 2021, XP and Banco Modal together had 3.8 million active customers, while the five largest Brazilian banks totaled 457 million customers with bank relationships and 175 million customers with credit operations, not excluding double counts , according to Modal Bank. In terms of net revenue, in the last twelve months, up to September 2021, XP and Banco Modal totaled BRL 11.8 billion, compared to BRL 427 billion generated by the five largest Brazilian banks.
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