Nubank Strengthens Its Brazil Operation With a New Banking License
The move comes through the acquisition of Banco Porto Real and deepens the relationship of trust with the company's more than 115 million customers in the country
Nubank, the leading digital financial institution in Latin America, announces an agreement to acquire Banco Porto Real de Investimentos S/A, a bank founded in 1992 in Porto Real, Rio de Janeiro, that operates in the extension of credit to wholesale clients. With this move, which will be submitted for approval by Brazil's Central Bank, Nubank meets the requirements of Joint Resolution No. 17, issued by the Central Bank and the National Monetary Council (CMN), which regulates the naming of financial institutions.
Once the acquisition process is completed, Banco Porto Real's banking license will be added to the other licenses under which Nubank already operates and that fully serve its business model: Payment Institution, a Credit, Financing, and Investment Company (Sociedade de Crédito, Financiamento e Investimento), and a Securities Brokerage Company (Sociedade Corretora de Títulos e Valores Mobiliários). All obligations undertaken by Banco Porto Real will be fulfilled in accordance with the guidelines set out in the acquisition agreement.
