UPDATE 1-Brazil's XP targets doubled market share to 'dominate' sector in long-term

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SAO PAULO, Dec 8 (Reuters) - Brazilian brokerage XP Inc wants to "dominate" the South American country's investment market, chief executive Thiago Maffra said on Friday, adding the firm's goal is to double its market share in the long-term.

Maffra said at an investor event in New York that XP, listed on the Nasdaq since 2019, believes it can reach a market share of 14% to 15% by 2026, up from 11% at the end of the third quarter.

"If we go back two years, we used to gain more than 100 basis points per year in market share; if we look at the last 12 months, we are going probably to do 40 to 50 (basis points)," Maffra said.

High interest rates proved challenging for the company recently, but as Brazil now drives a monetary easing cycle, XP believes it can go back to higher market-share gains, the executive said.

XP's competitors include Latin America's largest investment bank, BTG Pactual, and other, smaller brokerages.

The Brazilian firm, Maffra said, sees room to expand cross-sales revenues by 2 billion to 3 billion reais ($406-609 million) by 2026 to total 3.8 billion to 4.8 billion reais.

That growth would come on the back of new products and higher penetration, according to the brokerage, which also sees corporate and small and medium-sized business revenues growing by 1 billion to 2 billion reais in the period.

($1 = 4.9240 reais) (Reporting by Gabriel Araujo; Editing by Kylie Madry)