Finance
Nubank Dethrones Itau to Become Most Valuable Latin America Bank
- Digital lender worth $58.2 billion as earnings fuel rally
- Nubank is one of ‘most attractive’ EM stocks, Vontobel says
Nubank headquarters in Sao Paulo, Brazil.
Photographer: Jonne Roriz/BloombergThis article is for subscribers only.
Nu Holdings Ltd., the Brazilian digital bank that has been battling incumbent lenders for the past decade, surpassed Itau Unibanco Holding SA as the most-valuable financial institution in Latin America.
The stock of Nubank, as the firm is known, closed 3.8% higher on Tuesday. That boosted its market capitalization to $58.2 billion, putting it just ahead of Itau, which stood at about $56 billion.