The Financial Espresso "Nu in Bz; Itaú; BTG's investment in Addi; Credit..."

Research evidence excerpt

The Financial Espresso "Nu in Bz; Itaú; BTG's investment in Addi; Credit..."

Global Research

2 July 2026ab

The Financial Espresso Equities

Latin AmericaNu in Bz; Itaú; BTG's investment in Addi;

Credit for MSMEs; Acquisition of Warren; MELI Financial

& Novo Nordisk in Mx; Shopee & Meta; Amazon KaioAnalystPrato

Prime Day 2026 kaio.prato@ubs.com+55-11-3513 6573

Thiago Batista, CFA

Analyst

Nubank expands reach in banking deserts thiago.batista@ubs.com

+55-11-3513 6518

According to Valor, Nubank is present in all 5,571 Brazilian municipalities, including

the 49% classified as banking deserts, where there are no physical bank branches. Camila Azevedo

The study shows that Nubank ended 2025 with 107.2mn clients in Brazil, equivalent Associate Analyst

camila.azevedo@ubs.com

to 62% of the adult population, with penetration above 73% in Roraima, Amapá and

+55-11-2767 6881

the Distrito Federal. The report also highlights that Nubank has banked 31.5mn

people in Brazil, nearly one in five adults, with a stronger presence in regions where Bruno Kenji

Associate Analystthe traditional financial system has historically been less available. Our take: We

bruno.kenji@ubs.com

note that the data reinforces Nubank’s role in financial inclusion and its ability to

+55-11-2767 6056

reach underserved regions through a fully digital model. This broad presence may

support customer engagement and long-term monetization, while the evolution of Beatriz Shinye

Associate Analystcustomer relationships remains a point to monitor.

beatriz.shinye@ubs.com

+55-11-2767 6569

Itaú launches “Factópoles” to exercise right of reply

According to Valor, IItaú Unibanco launched “Factópoles”, a public platform to

consolidate its official positions and exercise its right of reply, after what it