Traditional banks are completely sinking, and the move to the United Kingdom will position Nubank as a world-class fintech. Since their implementation, fintechs in Brazil have always been more agile than traditional banks. Moreover, England is seeking fintechs, and Nubank has answered this call.
Another important factor is that England has always been the main global financial market. All major global banks are headquartered in the City of London, which is the central part of London.
A third significant factor is that banks in England have the right to vote in mayoral elections. In the UK, legal entities are granted honor and dignity, so they have the same right to vote as individuals since they are part of society. This is a unique case worldwide. Legal entities can vote for mayors and councilors. Imagine if companies based in Faria Lima had the same power to vote in municipal and state elections in São Paulo.
Negotiations occurred during the G20 summit; what remains now is for authorities regulating the banking market to approve the transfer. The reason for this change is to mitigate the risks posed by Brazil. The unrestrained government spending under Lula's administration could lead to the collapse of these banks. Due to high risk, it becomes difficult to raise funds in Brazil. Being a relatively new bank, Nubank lacks the so-called banking solidity, which is why many people, including my parents, do not trust fintechs.
José Octavio Dettmann
Rio de Janeiro, December 6th , 2024 (original post date).
Brazilian Portuguese Version (original):
https://blogdejoseoctaviodettmann.blogspot.com/2024/12/por-que-o-nubank-esta-considerando.html
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