Nubank is reinforcing its strategic leadership by incorporating Roberto Campos Neto to its board and executive team. The former president of the Central Bank of Brazil will join Nubank as vice president and global director of Public Policies, marking a significant shift in his career.
According to a statement by Nubank, Campos Neto intends to accept the proposal and formally join the company on July 1, 2025, after completing a mandatory six-month quarantine period required by Brazilian law for former high-level public officials. David Vélez, the founder and CEO of Nubank, expressed his enthusiasm for Campos Neto's addition, citing his career as one of the most visionary central bankers in recent decades.
"He has been one of the most visionary central bankers of the last decades," Vélez stated in an interview. "He is someone who utilizes a lot of technology to modernize the Brazilian financial services sector, one of the most advanced in the world." Vélez anticipates that Campos Neto will play a key role in Nubank's international expansion, interacting with governments and regulators across various countries.
Roberto Campos Neto's professional background is extensive and impressive. Before taking the helm at the Central Bank in 2019, he had nearly 20 years of experience at Banco Santander, spanning two distinct periods. His leadership at the Central Bank, which lasted until the end of 2024, solidified his reputation as an expert in monetary policy and financial regulation.
Nubank, founded in 2013, has experienced exponential growth, now valued at over $60 billion and boasting a customer base exceeding 110 million users across its operational markets. The company competes with Itaú Unibanco for the title of the most valuable public financial company in the region.
The addition of Campos Neto comes at a pivotal moment for Nubank, as it seeks to solidify its leadership in the digital banking market and expand its international presence. His experience in the financial sector, regulatory knowledge, and strategic vision will be invaluable assets for Nubank as it continues to grow and innovate.
However, Campos Neto's appointment has sparked various reactions within the financial market and public opinion. Some analysts emphasize his experience and potential to add value to the company, while others question his independence and possible influence over regulatory decisions in Brazil.
Critics highlight that Campos Neto's transition from the Central Bank to Nubank exemplifies the controversial practice of the "revolving door," where public officials take up roles in private companies that benefit from their previous decisions. This concern is exacerbated by the announcement of his hiring coming from Grand Cayman, a well-known tax haven where Nu Holdings is headquartered. Such a formalization raises ethical and political concerns, as it blurs the lines between public service and private interest.
During his tenure at the Central Bank, Campos Neto implemented policies that significantly favored the growth of fintech companies in Brazil. Initiatives like the launch of Pix, the expansion of open finance, and the development of Drex (the digital real) had positive aspects but disproportionately benefited fintechs without equivalent oversight mechanisms that traditional banks are required to adhere to.
This deregulated environment allowed for the rapid rise of digital companies, many of which operated without sufficient transparency or control, leading to numerous financial scandals involving fraud against consumers and predatory lending practices. Nubank, Campos Neto's new employer, could have been among the companies that benefited from this regulatory leniency.
Additionally, Campos Neto was a key advocate for Constitutional Amendment Proposal No. 65, which seeks to weaken institutional controls over the financial system. This proposal has faced significant criticism from experts and civil society sectors for reducing the state's ability to oversee financial operations and ensure legal security.
The implications of Campos Neto's immediate transition to a significant executive role at Nubank raise legitimate questions about the separation between public policy and private interests. His previous management at the Central Bank, coupled with his new position, suggests a pattern that favors transnational interests over Brazil's regulatory sovereignty.
Furthermore, Campos Neto was the first Central Bank president to remain in office after admitting personal investments in companies based in tax havens, setting a troubling precedent for institutional integrity. His direct link with Nu Holdings, also based in the Cayman Islands, deepens this contradiction and raises concerns about the credibility of Brazil's financial oversight.
Another troubling aspect is Nubank's history of sponsoring content linked to Brazil's extreme right, which has implications beyond the financial sector. The company's engagement in the country's digital ecosystem has extended to promoting political agendas that undermine democratic institutions and engage in historical revisionism.
The association between a former Central Bank president and a company with such a background reinforces perceptions of state capture by private and ideological interests. Critics argue that if Campos Neto was already under scrutiny for the high-interest rates imposed on the country, his new role adds an ethical dimension that should caution his successor against following the same path.
Gabriel Galípolo's appointment as the new president of the Central Bank has generated significant expectations among those advocating for a fairer and more sovereign development model. However, the current high basic interest rates, potentially reaching 14.75% annually, continue to harm economic activity, disincentivize investment, and widen inequality.
The question remains whether Galípolo will represent a real break from Campos Neto's legacy or follow a similar trajectory that subordinates national interests to financial capital. The lack of scrutiny and ethical limits regarding the "revolving door" between the state and the market undermines public trust in institutions and diminishes Brazil's capacity to build a nation-oriented project focused on the common good.
The relationship of Campos Neto with Nubank highlights a long-standing issue that has now reached a scandalous peak, raising critical questions about the integrity of Brazil's financial governance.
