Will Nubank leave Brazil?

Will Nubank leave Brazil?
Will Nubank leave Brazil?

Nubank will leave Brazil is a question that the market has been asking recently, after fintech decided to cancel its registration as a publicly-held company in the country and migrate BDRs on B3.

According to the bank, the Nubank continues strong in Brazil: “don’t believe in fake news” reads a statement from the bank posted on September 22, 2022.

However, the rumor began to gain traction on social media after the Nu Holding, owner of Nubank, to notify the market that it is migrating its BDRs. As a result, receipts for shares traded abroad (BDRs) will level 3 to level 1 of the Brazilian Stock Exchange.

In this sense, the company will cancel its registration as a publicly-held company in Brazil. Even more, the change in the BDRs program on the Stock Exchange does not change anything for customers who use our services, according to the Nubank statement.

Likewise, “Nubank will not close. Today, in addition to being one of the best capitalized institutions in Brazil, we are expanding rapidly. In addition, we are building a company for the coming decades” announced the fintech.

The announcement follows, “Nubank will not close in Brazil. We just announced, in September 2022, a change in our BDR program regarding who is an investor in Nubank or NuSócio. As a result, the changes did not affect customers who use Nubank’s products and services.”

Will Nubank leave Brazil?

The bank will continue with the BDRs listed on the B3, the Brazilian stock exchange, and with shares traded on the NYSE, the New York Stock Exchange. In this sense, Nubank remains a publicly-held company. Even more, Nu’s BDRs will only change from level 3 to level 1.

Nubank (NUBR33) will no longer yield daily

The remunerated account of Nubank (NUBR33) will no longer yield daily, the digital bank announced on July 11, 2022. In addition, with the new rule, the yield of 100% of the CDI will only fall after the 30th day of deposit.

Even more, the company informed that as soon as the 31st day arrives, the amount will automatically receive the retroactive income of the initial 30 days and, from there, it starts to pay every working day.

In this sense, the amounts withdrawn or transferred from the account before the 30th, will not be profitable in the payment on the 31st day.

The article is in Portuguese

Tags: Nubank leave Brazil

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