With this move, which will be submitted for approval by Brazil's Central Bank, Nubank meets the requirements of Joint Resolution No. 17, issued by the Central Bank and the National Monetary Council (CMN), which regulates the naming of financial institutions. All obligations undertaken by Banco Porto Real will be fulfilled in accordance with the guidelines set out in the acquisition agreement. "Brazil is where Nubank was born, grew, and proved that fairer, simpler financial services are possible at scale. In March, Nubank joined Febraban (the Brazilian Federation of Banks), shortly after consolidating its position as the largest private financial institution in Brazil by number of customers.