PINE3 Banco Pine

Banco Pine S.A. is a Brazilian publicly traded financial institution founded in 1997 by Noberto Nogueira Pinheiro, a member of a family with a long track record in the banking market since the creation of Banco BMC in 1939. With more than two decades of operations, the Bank has built a track record focused on corporate credit and, more recently, on expanding its presence in collateralized retail and structured transactions. In 2007, it became the first mid-sized bank to conduct an initial public offering on the Brazilian stock exchange, a milestone that increased its access to the capital markets and strengthened its capital base. Banco Pine’s shares are traded on B3 under the tickers PINE3 and PINE4, and in 2012 the institution joined B3’s Level 2 Corporate Governance segment, committing to additional transparency and minority shareholder protection standards.

Throughout its recent history, Banco Pine has sought to strengthen its capital structure through contributions from international institutional investors. In 2012, it received a R$ 94 million capital injection from the German development bank DEG (Deutsche Investitions- und Entwicklungsgesellschaft), followed by a R$ 27 million capital increase in 2013 with the entry of Proparco (Société de Promotion et de Participation pour la Coopération Économique). Starting in 2017, it began a digitalization process with the launch of Pine Online, a digital platform primarily aimed at fixed income investments. In subsequent years, the institution advanced a business diversification strategy, focusing on efficient capital allocation, expansion of wholesale and collateralized retail verticals and the creation of a fintech and specialized vehicles ecosystem.

Banco Pine’s business model is structured around financial intermediation, with an emphasis on financing and advisory services for medium and large companies and on collateralized credit transactions for individuals. In wholesale, the Bank offers corporate credit, treasury products, capital markets solutions, foreign exchange and derivatives transactions, as well as trade finance structures, guarantees and real estate financing. In collateralized retail, it focuses on products with formal collateral, such as public and private payroll-deductible loans, payroll credit cards and transactions linked to the FGTS. The Bank’s revenue comes mainly from financial intermediation income, especially from credit transactions and gains on securities, complemented by fee and service income, in line with the typical profile of a multiple service bank.

Banco Pine’s operating organization is divided into two major internal segments: Wholesale and Collateralized Retail. In Wholesale, the corporate portfolio is formed mostly by structured private securities, working capital transactions and loans with real or fiduciary guarantees, assignment of receivables and contractual covenants. The portfolio has a high degree of collateralization, with a significant share of secured transactions, distributed across sectors such as agribusiness (grains, protein, sugar and ethanol, agricultural inputs), real estate, logistics and transportation, commerce, infrastructure, industry and telecommunications. The Bank also generates revenue from derivatives and foreign exchange, as well as from financial advisory and capital markets structuring services, reinforcing its multi-product approach. In Collateralized Retail, its operations are underpinned by a multichannel model that combines proprietary digital channels, banking correspondents, partnerships with specialized originators and portfolio acquisitions, focusing on payroll-deductible transactions for public sector employees, INSS beneficiaries and private sector workers, as well as payroll credit cards and products linked to the FGTS.

Banco Pine’s recent expansion in collateralized retail has been marked by a strategic return to this segment starting in 2021–2022, with the gradual construction of its own origination and distribution ecosystem. The institution used selective acquisitions of collateralized credit portfolios, partnerships with specialized platforms and the development of digital channels to scale origination and diversify the balance sheet. The partnership with BYX, an infratech and BaaS platform focused on collateralized credit, was an important step, followed later by an equity investment in BYX and the creation of AmigoZ Ltda., a fintech dedicated to originating payroll credit cards and benefits. In 2025, the Bank restructured its retail investees by selling its stake in BYX and increasing its interest in AmigoZ to 99.85%, consolidating this company as a relevant and scalable origination channel within the digital collateralized retail ecosystem.

In its operating markets, Banco Pine competes in a highly competitive environment within the Brazilian Financial System, vying for space with large banks, niche institutions, credit cooperatives and fintechs. In structured corporate credit, it focuses on middle-market niches, prioritizing transactions with strong collateral and disciplined risk management. In payroll-deductible loans, it operates in a broad and regulated market, with a client base that includes INSS beneficiaries, public sector employees and private sector workers, in a context of regulatory developments that introduced centralized contracting platforms, operational standardization and portability mechanisms. The Bank’s expanded credit portfolio reflects a predominance of collateralized retail products and significant origination in wholesale, with sector diversification and a focus on risk mitigation through guarantees, which translates into monitored delinquency levels and loss provisions maintained at what are considered conservative levels.

From a regulatory standpoint, Banco Pine operates as a multiple bank authorized by the Central Bank of Brazil, holding commercial, investment, credit, financing and investment portfolios, as well as leasing and authorization to operate in foreign exchange, rural credit and direct participation in Pix as a provider of transactional accounts. The institution is subject to the rules of the National Monetary Council and the supervision of the Central Bank, which cover capital requirements, operating limits, risk concentration rules and prior authorization for material corporate changes, as well as the rules of the Brazilian Securities Commission (CVM), which regulates the securities market where its PINE3 and PINE4 shares are traded. Its operations are fully concentrated in Brazil, with no material revenue generated abroad, and net revenue is not dependent on any single client, with no individual counterparty accounting for more than 10% of revenue.

In terms of corporate governance, Banco Pine adopts practices aligned with B3’s Level 2, which involve specific rules for board composition, voting and tag-along rights, disclosure of information and mechanisms for resolving corporate conflicts. Management emphasizes discipline in capital allocation, active management of credit and liquidity risk and the pursuit of diversification of revenue sources across wholesale, collateralized retail, services and capital markets activities. The funding structure includes funding via CDBs, Financial Bills (Letras Financeiras), financial debentures and capital markets instruments, in addition to interbank transactions, consistent with the profile of a mid-sized bank. The combination of operations in structured corporate credit, payroll-deductible retail and financial advisory positions Banco Pine as a diversified financial institution within the Brazilian banking sector, with shares listed and traded on B3 under the tickers PINE3 and PINE4.