SAO PAULO, May 7 (Reuters) - Brazilian broker XP Inc (XP.O) is interested in acquiring the Brazilian subsidiary of Credit Suisse Group AG (CSGN.S), two sources familiar with the matter said on Friday.
Considerations are in very early stages, they said. One of the sources said it was clear the Swiss bank was not interested in selling the unit, at least for the time being.
In a statement released by the Brazilian operation of Credit Suisse, the Swiss bank "categorically denied" it was talking to any group about the matter. XP declined to comment.
A deal could double XP's asset management business. With 109 billion reais ($20.9 billion) under management in Brazil, Credit Suisse is the country's 14th-largest asset manager, according to industry group Anbima. XP has 105 billion reais in its funds.
Shares of XP on the Nasdaq rose more than 5% on the news of the broker's interest, first reported by business news website Brazil Journal.
One of the sources said a potential deal could include both shares and cash.
Credit Suisse is reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management. read more
($1 = 5.2215 reais)
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