The Financial Espresso "MELI 7.7; Nu in Mx; IOF & Pension; Gov credit for..."

Research evidence excerpt

The Financial Espresso "MELI 7.7; Nu in Mx; IOF & Pension; Gov credit for..."

cess announced in April 2025, through which it secured

approval for its banking license. Nubank is already one of Mexico’s five largest

financial institutions and ranks third in credit cards issued. The fintech has more

than 15 million customers in the country. Our take: We note that the announcement

was already expected. Nu announced the approval of its bank license back in Apr-25

and now received its Operations Authorization as a multiple bank. This move

reinforces Nu's strategy in Mexico (Nu reported US$2.0bn loans in Jun-26 and

earnings at US$5.3mn in Apr-26) (here).

End of IOF in VGBL may be part of the debt solution, says Fenaprevi

According to Valor, with R$1.8 trillion in open pension reserves, the sector could

help address the challenges the Treasury has faced in rolling over debt through

market auctions, according to Mr. Edson Franco, president of National Federation of

Private Pension and Life (Fenaprevi). He notes that since the approval of the 5% tax

on financial operations (IOF) applied to larger contributions to VGBL plans in mid-

last year, through May 2026, inflows have declined by approximately R$80 billion.

For the second half, estimates point to an additional decrease of R$50 billion. Mr.

Franco says that, currently, 64% of pension assets are allocated to government

bonds, equivalent to roughly R$1.2 trillion, with a portion directed to National

Treasury notes series B. In his view, when R$130 billion in new resources is removed

over an 18-month period, about 60% of that amount—nearly R$80 billion—that

would have been used to finance public debt will be redirected elsewhere. He adds

that the association maintains ongoing discussions with the Ministry of Finance team