Bridging the gap in São Paulo
The IPO of XP Inc at the end of 2019 catapulted the company’s name recognition from a strong financial brand locally to global awareness as a new Brazilian financial player. The transaction was, after all, the ninth-largest IPO globally in 2019.
But even in Brazil XP is seen primarily as a retail investment platform. That’s unsurprising given that is what the main business is. But among the country’s high net-worth (HNW) and ultra-high net-worth (UHNW) community there is growing awareness of the financial company’s private banking group.
And according to XP’s director of private banking, Beny Podlubny, the IPO will not only help in terms of market awareness – both in Brazil and internationally – but also give a boost to the company’s competitive proposition.
“We have grown a lot [from 2015] with zero credit and now we are beginning to use it,” he says, adding that XP’s creation of a “strategic” balance sheet from the proceeds of the transaction will increase the attraction of the company for private bank clients.
