XP Investimentos (IFC-39508)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 30, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
XP INVESTIMENTOS S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 18, 2017

Disclosed by Bank Dec 12, 2017


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Project Description
The proposed investment (the “Project”) consists of an A loan of up to US$150 million to XP Investimentos S.A. (“XP” or the “Company”). The Project will support XP’s client base expansion .
Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description
XP is the leading brokerage firm in Brazil, operating nationwide through independent representation offices. The main business is to provide investment advisory to individuals, who uses the Company’s platform to invest. XP was founded in 2001 by Guilherme Benchimol and Marcelo Maisonnave, and later joined by Julio Capua. Currently, XP is owned by founding shareholders Guilherme and Julio, and by General Atlantic, which joined the partnership in 2012. The Company has a client base of more than 140,000 clients across the country, and over BRL100 billion in assets under custody .
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Arteris Parent Company Transport owns Arteris Bond Facility 2017 Client Transport
Atlantic Energias Renováveis Parent Company Energy owns Santa Vitoria do Palmar Wind Complex (207MW) Additional Facility 2018 Client Energy
ENEVA Parent Company Energy owns Eneva Additional Facility II 2020 Client Energy
Rumo Logistica Parent Company Transport owns Norte-Sul Railroad (1537KM) PPP Client Transport
SPVias Parent Company Transport owns SPVias Bond Facility 2018 Client Transport
XP Investimentos Investor Finance invests in Aguas De Cuiaba Parent Company Water and Sanitation
XP Investimentos Investor Finance invests in Aguas Guariroba SA Parent Company Water and Sanitation
XP Investimentos Investor Finance invests in Alsol Energias Renovaveis SA Parent Company Energy
XP Investimentos Investor Finance invests in Alupar Investimento SA Parent Company Energy
XP Investimentos Investor Finance invests in Arteris Parent Company Transport
XP Investimentos Investor Finance invests in Arteris Bond Facility 2017 Client Transport
XP Investimentos Investor Finance invests in Atlantic Energias Renováveis Parent Company Energy
XP Investimentos Investor Finance invests in Atvos Agroindustrial Participacoes SA Parent Company Industry and Trade
XP Investimentos Investor Finance invests in Belagricola Comercio e Representacoes de Produtos Agricolas Ltda Parent Company Agriculture and Forestry
XP Investimentos Investor Finance invests in Cia de Saneamento Basico do Estado de Sao Paulo Parent Company Water and Sanitation
XP Investimentos Investor Finance invests in Cia de Saneamento de Minas Gerais Copasa MG Parent Company Water and Sanitation
XP Investimentos Investor Finance invests in Cia Energetica do Maranhao {Cemar} Parent Company Energy
XP Investimentos Investor Finance invests in Concessionaria Rota Das Bandeiras SA Parent Company Transport
XP Investimentos Investor Finance invests in Contour Global do Brasil Participacoes Ltda Parent Company Energy
XP Investimentos Investor Finance invests in Csn Steel Corp Parent Company Mining
XP Investimentos Investor Finance invests in Diana Bioenergia Avanhandava Sa Parent Company Energy
XP Investimentos Investor Finance invests in Energisa Transmissao de Energia SA Parent Company Energy
XP Investimentos Investor Finance invests in ENEVA Parent Company Energy
XP Investimentos Investor Finance invests in Eneva Additional Facility II 2020 Client Energy
XP Investimentos Investor Finance invests in Itarema Geracao de Energia SA Parent Company Energy
XP Investimentos Investor Finance invests in Light Servicos de Eletricidade SA Parent Company Energy
XP Investimentos Investor Finance invests in Minerva Luxembourg SA Parent Company Agriculture and Forestry
XP Investimentos Investor Finance invests in Norte-Sul Railroad (1537KM) PPP Client Transport
XP Investimentos Investor Finance invests in Odebrecht Ambiental Sumare SA Parent Company Water and Sanitation
XP Investimentos Investor Finance invests in Restoque Comercio e Confeccoes de Roupas SA Parent Company Industry and Trade
XP Investimentos Investor Finance invests in Rodovias Integradas do Oeste SA Parent Company Transport
XP Investimentos Investor Finance invests in Rumo Logistica Parent Company Transport
XP Investimentos Investor Finance invests in Santa Vitoria do Palmar Energias Renovaveis SA Parent Company Energy
XP Investimentos Investor Finance invests in Santa Vitoria do Palmar Wind Complex (207MW) Additional Facility 2018 Client Energy
XP Investimentos Investor Finance invests in SPVias Parent Company Transport
XP Investimentos Investor Finance invests in SPVias Bond Facility 2018 Client Transport
XP Investimentos Investor Finance invests in Usina Coruripe Acucar e Alcool Parent Company Agriculture and Forestry

Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/