Equity Snap: Nu Holdings (NU US): Bank license in Brazil & Mexico

Research evidence excerpt

Equity Snap: Nu Holdings (NU US): Bank license in Brazil & Mexico

21 July 2026

Equity Snap: Nu Holdings (NU US) Equities Diversified Financial Srvcs

Bank license in Brazil & Mexico Brazil

◆ Highlighting some positive news flow: Acquisition of bank Neha Agarwala, CFA

license in Brazil, license in Mexico now operational and Velez Senior Analyst, Fintech & LatAm Financials HSBC Securities (USA) Inc.

joins Open AI board; heightened stock volumes noted neha.agarwala@us.hsbc.com

+1 212 525 5418

Carlos Gomez-Lopez, CFA

Nu Holdings (NU US, USD14.39, Buy, TP USD19.00) Head of EM and LatAm Financials

HSBC Securities (USA) Inc.

(Priced as of 21 Jul 2026)

carlos.gomezlopez@us.hsbc.com

+1 212 525 5253

We highlight below a few noteworthy items of news regarding Nu:

1. Yesterday Nu announced the acquisition of Banco Porto Real de

Investimentos in Brazil (news).

 The size of the transaction itself is immaterial for Nu, but it should allow it to

fulfil the Central Bank requirement of having a banking license to use the

term ‘bank’ in its name. The transaction is subject to regulatory approval.

 We highlight that Banco Porto Real holds a ‘Banco de Investimento’ or

Investment Bank license (S4 category) that focuses solely on corporate

finance, asset management, and capital markets rather than a ‘Banco

Múltiplo’ or retail banking license and therefore, Nu will still not be allowed to

offer checking/savings accounts or offer mortgages (not that it was planning

to), among other things.

 Management expects no changes to its app, or need to move customers to

this new license or additional capital requirements.

2. Open AI just announced the appointment of Founder & CEO David Velez,

along with BNY Chairman & CEO Robin Vince, to the Boards of OpenAI

Foundation and OpenAI Group PBC (news).