On April 25, 2024, the Diário da República of Portugal disclosed the progress of the sale process of Caixa Geral de Depósitos’ Brazilian unit. Among 27 invited investors, four institutions advanced to the next phase, including Nubank, through Nu Financeira S.A.
In addition to Nubank, the companies Garantia Capital S/A, MD Capital Ltda, and Sputnik LLC were also approved to continue in the selection. These candidates will have up to 90 days, counted from the fifth business day after the official publication, to submit binding proposals.
The winner of this process must pay a minimum initial amount of R$ 10 million to secure the acquisition of the Brazilian unit. In September 2025, this unit held R$ 1.96 billion in assets in the country, according to information from the Central Bank of Brazil.
The Brazilian Central Bank established, at the beginning of 2023, that companies possessing the word bank in their names must obtain a banking license by September 2025. Thus, Nubank informed that it plans to obtain this authorization still in 2024, evaluating different strategies to achieve the goal.
However, Nubank emphasized that participation in the process does not represent commitment to any specific operation. On the other hand, the final deadline for submission of binding proposals may vary between 60 and 90 days during the second phase, which is scheduled to begin on the fifth business day after publication in the Diário da República.
The conclusion of this process depends on decisions to be made during the second phase, when the four institutions must submit their final offers. Furthermore, it is expected that negotiations will advance in the coming weeks, aiming to define the future owner of Caixa Geral de Depósitos’ Brazilian unit.
