Nubank gets Brazilian central bank approval to buy Banco Porto Real, securing a banking licence

Brazil's central bank has approved Nubank's acquisition of Banco Porto Real de Investimentos, which gives the company a banking licence in Brazil. Nubank announced the approval on 13 November and said the deal will close in the coming days. The purchase was first announced in July.

The licence answers Joint Resolution No. 17 of the central bank and the National Monetary Council, which limits the word "bank" to institutions with a banking authorisation. Nubank says adding it to the Nu Pagamentos prudential group brings no additional capital or liquidity requirements, and the app, products and brand stay the same.

Porto Real was founded in 1992 in Porto Real, Rio de Janeiro state, and lends to large companies. It reported R$32.1 million in assets in March.

Nubank already holds payment institution, credit and financing, and securities brokerage licences in Brazil, where it has nearly 120 million customers.