The Financial Espresso "Desenrola 2.0 (2x); Cards TPV; Anbima Data; Picp..."

Research evidence excerpt

The Financial Espresso "Desenrola 2.0 (2x); Cards TPV; Anbima Data; Picp..."

Global Research

12 May 2026ab

The Financial Espresso Equities

Latin AmericaDesenrola 2.0 (2x); Cards TPV; Anbima Data;

Picpay & Kovr; Wise on Nasdaq Financial

Kaio Prato

Analyst

kaio.prato@ubs.com

New Desenrola already has R$ 1 billion in renegotiated debts, says Durigan +55-11-3513 6573

According to Valor, Finance Minister Dario Durigan stated that R$1bn in debt Thiago Batista, CFA

renegotiations has already been secured under the Desenrola 2.0 program, with Analyst

approximately 100k requests approved by banks. Speaking to journalists at the thiago.batista@ubs.com

Ministry of Finance headquarters, Durigan revealed that a total of 200k applications +55-11-3513 6518

have been submitted to financial institutions. According to the minister, the Camila Azevedo

government will also implement measures to incentivize individuals who remain Associate Analyst

current on their payments within the scope of the program. He further mentioned camila.azevedo@ubs.com

that the debt renegotiation segment of the Fies program for delinquent borrowers is +55-11-2767 6881

expected to become fully operational later this week. Our take: We see the Bruno Kenji

program as slightly positive for Nu (positive due to the client and product mix, but Associate Analyst

slightly negative for the expansion of the fintech in the payroll loans), slightly bruno.kenji@ubs.com

positive for the large banks (as they reduced materially their exposure to low-mid +55-11-2767 6056

income segment) and negative for banks with higher exposure to payroll loans (ie Olavo Arthuzo

BMG) - see more details here. Analyst

olavo.arthuzo@ubs.com

Banks will have up to 30 days to clear the names of customers with debts of up to +55-11-2767 6306