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The move illustrates growing competition among the country’s five biggest lenders - which account for more than 80% of Brazil’s deposits – with newer platforms such as those from XP Inc, BTG Pactual and Guide already luring billions of reais in savings.
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“Since its foundation, Nubank wanted to offer a full-service financial platform because we see much inefficiency in the banks,” Velez said in an interview. A growing mass of retail customers is shifting from certificates of deposit to trading stocks in Brazil due to historically low interest rates that have affected yields.
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