Itaú Unibanco Holding SA Co-Chairman Roberto Setubal and shareholder João Moreira Salles will join the board of directors of XP Investimentos SA as representatives of the Brazilian bank, Valor Econômico reported.

The move comes after Itaú's purchase of 49.9% of the digital brokerage company's capital. The representatives will reportedly have veto power on the company's strategic matters.

Citing unnamed sources, the Valor report also noted XP's CEO Guilherme Benchimol and partners Julio Capua, Gabriel Leal and Bernardo Amaral, along with Martin Escobari, will sit on the seven-member board.

Regulators have approved Itaú's deal to acquire the stake in XP Investimentos, but with certain limitations that prevent the banking giant from seizing full control of the company.

In August, Banco Central do Brasil made Itaú agree to certain commitments aimed at "reinforcing the autonomy and independence of the XP group."