Nubank rejects Monzo takeover talk
Brazilian digital banking giant Nubank has denied that it is pursuing a $10 billion takeover of Britain's Monzo.
Brazil's digital bank Nubank has dismissed rumors of a potential deal with UK-based Monzo, according to a statement released on Wednesday. The financial news came after media outlets reported that Nubank was in the early stages of discussions to acquire the British digital lender.
In a securities filing, Nubank clarified that it routinely assesses potential opportunities to support its growth and long-term objectives, which can include investments and acquisitions. However, the bank emphasized that its capital allocation framework remains unchanged.
Nubank, trading under the name Nu Holdings, is concentrating on its strategic priorities. These priorities include solidifying its position in Brazil, expanding its operations in Mexico and Colombia, and establishing a foothold in the United States and globally through Nu Global.
Following the media reports, Nubank's shares experienced a nearly 7% increase in trading on the New York Stock Exchange. However, the stock had previously declined earlier in the week due to the speculation surrounding the potential acquisition.
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