Nubank, the leading digital financial institution in Latin America, has agreed to purchase Banco Porto Real de Investimentos S/A in a move that adds a banking licence to its Brazilian operations.
The target bank was established in 1992 in Porto Real, Rio de Janeiro, and specialises in providing credit to wholesale clients. The transaction, which requires the green light from Brazil’s Central Bank, allows Nubank to satisfy Joint Resolution No. 17, a rule set by the Central Bank and the National Monetary Council (CMN) governing how financial institutions may be named.
Following completion, Banco Porto Real’s banking licence will sit alongside the permissions Nubank already holds, which include those of a Payment Institution, a Credit, Financing, and Investment Company, and a Securities Brokerage Company. The company said every commitment made by Banco Porto Real will be honoured under the terms agreed in the deal.
Nubank stressed that bringing the licence into the prudential conglomerate of Nu Pagamentos S.A. – Instituição de Pagamento creates no extra capital or liquidity demands, meaning its financial resilience is unaffected. Its 115 million Brazilian customers will see no change to the app, products, services, brand or company name.
Nubank founder and global CEO David Vélez said, “Brazil is where Nubank was born, grew, and proved that fairer, simpler financial services are possible at scale. Thirteen years later, it remains our main focus, a market where we can still significantly expand our share and continue driving the transformation of the sector.”
Nubank Latam CEO Livia Chanes said, “Our DNA of innovation remains intact, and we are committed to deepening our relationship with every customer, offering more solutions with the same simplicity that has always defined us.”
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