Market Chatter: Nubank Looks to Acquire a Small Bank in Brazil After New Rules

MT Newswires Live12-12

Nu Holdings' (NU) Nubank is on the lookout to acquire a small bank that already has a license in Brazil, Bloomberg reported Thursday, citing a person familiar with the matter.

The fintech company has already been evaluating certain candidates, including Banco Digimais, the person told the media outlet, adding that finding a bank that has accumulated losses will offer added tax benefits.

The move comes after regulators in Brazil recently approved new rules, forbidding the use of "bank" in a brand unless the company has a banking license, which Nubank does not, according to the report.

Nubank did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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