Brokerage XP to Start Bank in Brazil, Open Office in Geneva

  • Plan is to make loans using client investments as collateral
  • Talks to buy Citigroup retail unit ‘aren’t evolving,’ CEO says

XP Investimentos CCTVM SA, the brokerage backed by General Atlantic, is applying for a bank license in Brazil and opening an office in Geneva, expanding services for its Latin American clients while some competitors retreat.

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