Nubank announced on Monday an agreement to buy Banco Porto Real de Investimentos. The deal allows the company to incorporate a banking license and keep the word 'bank' in its name from November.
The agreement was signed to comply with Joint Resolution No. 17 from the Central Bank and the National Monetary Council. The rule prohibits the use of terms that suggest unauthorized status, except when a licensed institution is part of the same prudential conglomerate.
Nubank stated that adding the license imposes no additional capital or liquidity requirements. For its 115 million clients in Brazil, the app, products, services and brand remain unchanged.
Banco Porto Real, founded in 1992 in Porto Real (RJ), had R$ 32.1 million in assets and R$ 31.4 million in net equity in March. The transaction value was not disclosed and completion depends on Central Bank approval.