Nubank pursues Brazilian banking licence with Banco Porto Real deal

Nubank has agreed to bargain Banco Porto Real de Investimentos to unafraid a afloat banking licence successful Brazil.

Established successful 1992 successful Porto Real, Rio de Janeiro, Banco Porto Real focuses connected providing recognition to wholesale clients.

The move, taxable to support by Brazil's Central Bank, aligns Nubank with Joint Resolution No. 17 guidelines connected organization naming.

After the process is concluded, Banco Porto Real's banking licence volition articulation Nubank's existing outgo institution, concern company, and securities brokerage licences.

Nubank said Banco Porto Real's existing obligations volition beryllium honoured nether the presumption laid retired successful the acquisition agreement.

It besides said adding the caller licence to the Nu Pagamentos conglomerate does not make other superior oregon liquidity requirements.

For Nubank's 115 cardinal customers successful Brazil, determination volition beryllium nary changes to the app, products, services, marque oregon the institution's name.

In March, Nubank became a subordinate of Febraban, the Brazilian Federation of Banks.

The institution besides said it would put R$45bn ($8.84bn) successful the home marketplace this year, astir doubly the magnitude allocated implicit the erstwhile 2 years.

Nubank planetary CEO and laminitis David Vélez said: "Brazil is wherever Nubank was born, grew, and proved that fairer, simpler fiscal services are imaginable astatine scale. Thirteen years later, it remains our main focus, a marketplace wherever we tin inactive importantly grow our stock and proceed driving the translation of the sector."

In April past year, Nu Mexico, the Mexican subsidiary of Nubank, received a banking licence support from the National Banking and Securities Commission (CNBV).

The improvement allows Nu Mexico to modulation from a Popular Financial Society (SOFIPO) to a fully-fledged bank.

"Nubank pursues Brazilian banking licence with Banco Porto Real woody " was primitively created and published by Retail Banker International, a GlobalData owned brand.