XP approached C.Suisse about buying its Brazil subsidiary -report By Reuters

© Reuters. FILE PHOTO: The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini

SAO PAULO (Reuters) -Brazilian broker XP (NASDAQ:) Inc has approached Credit Suisse (SIX:) Group AG in Switzerland expressing its interest in acquiring the bank’s subsidiary in Brazil, financial blog Brazil Journal reported on Friday, citing people with knowledge of the matter.

The blog said talks are preliminary and that Credit Suisse executives in Switzerland have told CS executives in Brazil about the approach.

The blog added the “chances of closing the deal are still small”.

XP and Credit Suisse in Switzerland declined to comment.

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