Nubank pursues Brazilian banking licence with Banco Porto Real deal
Nubank has agreed to acquire Banco Porto Real de Investimentos to secure a full banking licence in Brazil. The deal, subject to approval by Brazil's Central Bank, aligns with Joint Resolution No. 17 guidelines on institutional naming. Banco Porto Real, established in 1992 in Porto Real, Rio de Janeiro, focuses on wholesale credit. After the acquisition, its banking licence will join Nubank's existing payment institution, finance company, and securities brokerage licences. Nubank stated that adding the licence does not create extra capital or liquidity requirements, and there will be no changes for its 115 million Brazilian customers. In March, Nubank joined Febraban, the Brazilian Federation of Banks. The company also announced it would invest R$45bn ($8.84bn) in Brazil this year, nearly double the amount of the previous two years. Nubank's global CEO David Vélez emphasized Brazil remains the company's main focus. This follows Nu Mexico receiving a banking licence approval in April 2025.
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