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This is a Spanish version. In June 2020, XP and Itau faced intensified competition and tension in their partnership, with the latter owning a minority stake at XP. Two years earlier, in May 2017, Itau had announced it would acquire 49.9% of XP for USD1.8 billion, followed by three additional stages leading to company control. Yet in August 2018, Brazil's Central Bank, partially barred the deal, stating Itau could become a minority shareholder. Tensions surfaced as soon as the deal was formalized, with both companies engaging in public attacks across several marketing campaigns, with Itau estimated to lose around USD27 million a day to XP from client migration. Moreover, XP faced increased competition from emerging investment platforms that were gaining ground in Brazil's market. By mid-2020, XP's financial results had skyrocketed, taking in USD190 million in net income and USD743 million in total revenues. As Guilherme Benchimol, XP's CEO, looks ahead, he must define what strategies they should pursue to achieve further growth, considering competitive forces and market opportunities at hand.