Nubank has been shortlisted, alongside three rivals, to acquire Caixa Geral de Depósitos' Brazilian banking unit.
The Brazil-based fintech is one of four finalists selected to bid for the Brazilian subsidiary of Caixa Geral de Depósitos (CGD), Portugal's state-owned bank, according to information disclosed by the Portuguese government in its official gazette. The other parties still in the process are Garantia Capital, MD Capital, and Sputnik.
Licence considerations
Nubank has stated that it has already informed the market of its intention to obtain a banking licence in Brazil within the year, and that it has been evaluating different options to reach that goal. In addition, the company said such assessments do not represent a decision on any specific transaction, adding that, as a publicly listed company, it remains committed to transparency and will notify the market once a relevant decision is made.
Nubank has previously indicated that it is weighing two routes to a banking licence: acquiring an institution that already holds one, such as CGD's Brazilian arm, or applying for a new licence directly with the regulator. According to the company, no final decision has yet been taken on which path it will pursue.
Sale timeline and financials
CGD said last year that it expected to receive bids for its Brazilian subsidiary by early 2026, with the transaction only expected to close in 2027, largely reflecting the time needed for regulatory approvals in both Brazil and Portugal.
Furthermore, information from IFData, a database maintained by Brazil's central bank, show the subsidiary held total assets of approximately EUR 330 million as of September 2025, including a loan portfolio of around EUR 146 million. Shareholders' equity stood at approximately EUR 50 million over the same period.
The process forms part of CGD's broader divestment strategy, under which the Portugal-based lender has been selling international subsidiaries to concentrate on its home market. For Nubank, acquiring an already-licensed institution would offer a faster route to a full banking licence in Brazil than applying from scratch, a step the company has linked to regulatory changes affecting how financial institutions in the country can be named and branded.
