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Safra announces acquisition of Guide Investimentos

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Banco Safra announced Tuesday the acquisition of Guide Investimentos, a platform with R$20 billion in assets under management. With this move, the bank is accelerating its presence in a segment it had been trying to develop from scratch with Safra Invest, using the distribution model of investment advisors led by XP and BTG Pactual."Safra is strengthening its presence in the segments of investment advisory firms, where Guide is the fourth largest company in the market, while Safra Invest is in third place," the bank said in a statement.Chinese group Fossun finalized the purchase of 70% of Guide in 2018, but the platform never managed to scale the operation to its satisfaction. Since 2021, it has been investing in the local franchise, injecting around R$450 million into the operation.In its latest published financial statements, for the first half of 2023, Guide reported a net loss of almost R$62 million...

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