Brazil’s Big Banks Push Into US: Itaú, XP, Santander
Brazil · BANKING
Key Facts
—Itaú: preliminary OCC approval to organize Itaú Bank, National Association.
—XP: 2Q26 net income R$1,384m, up 5% YoY and QoQ.
—XP: total client assets R$1.535 trillion; AUM+AUA about R$2.2 trillion.
—Santander: exchange offer for about 10% of Santander Brasil minorities.
—Santander: 0.4056 new shares per unit or ADS; 0.2028 per common/preferred share.
—Santander: maximum consideration about €1,908 million, ~156 million new shares.
Itaú cleared a preliminary US regulatory hurdle, XP reported second-quarter results, and Santander announced an exchange offer plan.
Brazil’s largest banks move in the US; Itaú got preliminary authorization, XP reported results and a banking plan, Santander planned exchange offers.
Itau: Itaú’s US Regulatory Step
Itaú Unibanco received OCC preliminary approval on 17 August 2026 to organize Itaú Bank, National Association, a US national charter.
This preliminary authorization is not a licence. The OCC’s approval does not allow the new bank to begin operating immediately, and it is not final authorization to start activities.
Itaú still needs Federal Reserve and FDIC approvals plus other conditions; no timetable published.
XP’s Second-Quarter Results
XP Inc. reported Q2 2026 net income R$1,384 million, up 5% year on year and quarter on quarter.
Net revenue reached R$4,884 million, up 9 percent year on year.
Total client assets stood at R$1.535 trillion at the end of the quarter, up 12 percent year on year. This figure covers assets invested through the platform tied to retail revenue.
Management reported client assets (AUM and AUA) ~R$2.2 trillion, up 17% year on year; these are different bases, not restated.
Net inflow in the quarter was R$28 billion. Retail net inflow was R$20 billion, up 28 percent year on year and 7 percent on the quarter.
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XP’s US Banking Plan
Chief executive Thiago Maffra said on 17 August 2026 that XP is studying alternatives between applying for a licence and buying an existing US institution. “We are close to reaching a decision,” he said.
XP has not yet filed any formal application with US regulators, and no licence has been granted. The company has not specified which licence type it would seek or which US institution it might buy.
Maffra said the company is close to a decision. Until it makes one, there is nothing for investors to price.
Santander’s Intended Exchange Offer
On 30 July 2026, Banco Santander announced concurrent offers for all outstanding Santander Brasil shares, units, ADSs it lacks—about 10% of capital.
For each unit or ADS, Santander will offer 0.4056 newly issued Banco Santander shares. For each common or preferred share, the ratio is 0.2028 new shares.
If all tender, Santander issues ~156 million new shares (~1.1% of capital), max consideration ~€1,908 million.
The 30 July offer had a 15% premium to R$25.25 unaffected price; on 14 August 2026, updated to 23.6% marked-to-market.
Santander expects to complete the exchange offers in the first half of 2027. The deal is expected to add 0.5 percent to earnings per share by 2028.
What Remains Before the Offers Launch
Offers are unlaunched, pending Brazilian regulator registration, SEC Form F-4, shareholder approval for capital increase, and other approvals.
There is no minimum acceptance threshold, and Santander Brasil stays listed on B3. Minority holders who decline keep their shares.
Ana Botín on Brazil
Ana Botín, executive chair of Banco Santander, said in the 30 July 2026 release: “Brazil is one of Santander’s core markets, with strong long-term fundamentals, a large and growing customer base and significant opportunities for profitable growth.”
Santander already owns about 90 percent of its Brazilian arm. The offers would buy in the rest.
Frequently Asked Questions
What does Itaú’s preliminary US authorization mean?
Itaú received OCC preliminary approval to organize Itaú Bank, NA; this is not a licence, pending Federal Reserve and FDIC approval.
What are XP’s client asset figures for Q2 2026?
XP reported total client assets of R$1.535 trillion, covering retail revenue-linked assets. Separately, management said client assets combining AUM and AUA reached about R$2.2 trillion, up 17% year on year.
What is Santander’s plan for Santander Brasil minorities?
Santander intends to launch exchange offers for the approximately 10% of Santander Brasil shares it does not own. It will offer 0.4056 new Santander shares per unit or ADS, and 0.2028 per common or preferred share, expected to close in 1H 2027.
What did Ana Botín say about Brazil?
Ana Botín: “Brazil is a core market with strong fundamentals, large growing customer base, and significant profitable growth opportunities.”
Sources
- g1.globo.com
- www.stocktitan.net
- www.stocktitan.net
- quartr.com
- ph.investing.com
- www.tradingview.com
- scanx.trade
- fincred.com.br
- www.reuters.com
- www.santander.com
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