Roberto Borrás Polanía

Garrigues represents Nubank in the creation of a financial institution in Colombia

Garrigues has represented Nu Pagamentos, a subsidiary of the Brazilian-based bank Nubank, in the approval process by the Colombian Financial Superintendency (Superintendencia Financiera de Colombia) for the formation of its financial institution Nu Colombia Compañía de Financiamiento.

Thanks to this operation, Nubank’s lending services will be able to be carried out more dynamically, and they will continue with their service of issuing credit cards without fees and manageable through their app.

This decision is part of the company’s expansion plan and its $1.5 billion investment in Colombia to be used over the next five years, in addition to the $650 million it intends to invest in Mexico and Colombia. Nubank arrived in Colombia in 2020 and to date has 211,000 customers. The company will also apply for a licence to operate in the country.

Juliana Elito acted as in-house counsel for Nu Pagamentos, while Juliana Navas acted as in-house counsel for Nu Colombia Compañía de Financiamiento.

Garrigues’ team consisted of partner Roberto Borrás Polanía (pictured), senior associate Paula Ospina and associate Andrés Melo.

L Giselle Estrada

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