Central Bank authorizes Flamengo and BRB to form a company to manage a digital bank

The Central Bank authorized Flamengo and the BRB bank to create a company to manage Nação BRB Fla, a digital bank launched in partnership by the two parties. Authorization is the step that both were waiting for to take a step that had been planned for months.

The company, which should also adopt the name Nação BRB Fla, will manage the business and customers of the digital bank. The objective is for it to generate dividends for shareholders. Today, Nação BRB Fla has more than 2 million accounts opened by Red-Black fans.

In the duo’s plans, he is looking for a third partner. In a Relevant Fact disclosed by BRB this Thursday, the bank informs that “future developments of the competitive process for the realization of a strategic partnership involving the Nação BRB Fla business platform will be timely informed to its shareholders and to the market in general”.

In his social networks, the president of the Board of Directors of Flamengo Luiz Eduardo Baptista celebrated the authorization obtained for the creation of the company. According to the director, the market value of the business already exceeds R$ 1 billion.

The partnership between Flamengo and BRB began in 2020, along with the sponsorship of the football team. Already on this occasion, the contract provided for the creation of a company to manage Nação BRB Fla. In addition to digital accounts, the platform offers prepaid debit and credit cards, investments, pension and capitalization products. It is valid for three years, with the possibility of extension for another two years.

Already during this agreement, it was established that the company to be created by the two could be taken to the capital market. However, there is no information at this time that Flamengo and BRB intend to open an IPO (opening of shares for sale).