$NU (-4.47%) Nu applies for US banking license - still little reaction on the stock exchange
Brazilian digital lender Nubank said on Tuesday that it has applied for a national banking license for the United States. This is the most concrete step yet towards expansion outside Latin America.
The decision "is in line with the company's intention to explore future international opportunities by evolving its regional platform into a global model," Nubank said in a statement.
CEO David Velez said the lender's primary focus remains on achieving growth in its existing markets of Brazil, Mexico and Colombia.
Velez said Nubank's application could help serve customers already based in the U.S. and connect with people in the future who have similar financial needs and could benefit from our products and services
Nubank executives said the company is preparing to expand into a new market.
Nubank, which is listed in the US through Nu Holdings NU said former Brazilian central bank chief Roberto Campos Neto will take over as chairman of the board of its U.S. business.
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