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Grupo XP changes name ahead of possible US IPO

Grupo XP, the holding company of Brazilian brokerage company XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA, has changed its name to XP Inc. amid reports of a possible initial public offering in the U.S.

The new branding reflects XP Inc.'s "diversity of initiatives," according to Fernando Vasconcellos, the group's partner and chief marketing officer.

Aside from XP Investimentos, other companies under the group include investment platform Rico Investimentos, brokerage company Clear Corretora de Títulos e Valores Mobiliários SA and financial website Infomoney.

XP Investimentos has been reportedly coordinating with some investment banking subsidiaries for its planned U.S. IPO. The company plans to execute the offering by January 2020.