PINE4

Banco Pine S.A. is a publicly traded Brazilian 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 trajectory 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 enhanced 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 standards of transparency and protection for minority shareholders.

Throughout its recent history, Banco Pine has sought to strengthen its capital structure through injections from international institutional investors. In 2012, it received a R$ 94 million investment 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 focused on fixed-income investments. In subsequent years, the institution advanced a business diversification strategy, focusing on efficient capital allocation, the expansion of wholesale and collateralized retail verticals, and the creation of an ecosystem of fintechs and specialized vehicles.

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 banking, 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 guarantees, such as public- and private-sector payroll-deductible loans, payroll-deductible credit cards, and transactions linked to the FGTS. The Bank’s revenue comes mainly from financial intermediation income, especially from credit operations and gains on securities and financial instruments, complemented by service and banking fee income, in line with the typical profile of a multiple-service bank.

Banco Pine’s operating structure is divided into two major internal segments: Wholesale and Collateralized Retail. In Wholesale, the corporate portfolio consists mainly of structured private securities, working capital and credit operations with real or fiduciary collateral, 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, retail and trade, infrastructure, industry, and telecommunications. The Bank also generates revenue from derivatives and foreign exchange, as well as from financial advisory services and structuring of capital markets transactions, reinforcing its multi-product positioning. In Collateralized Retail, operations are anchored in a multichannel model that combines proprietary digital channels, banking correspondents, partnerships with specialized originators, and portfolio acquisitions, with a focus on public-sector, INSS, civil servant and private-sector payroll-deductible loans, in addition to payroll-deductible credit cards and products linked to the FGTS.

Banco Pine’s recent expansion in collateralized retail has been driven by a strategic return to this segment beginning in 2021–2022, with a gradual build-out 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 increase origination scale and diversify its 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-deductible credit cards and benefit products. In 2025, the Bank restructured its retail investees, divesting its stake in BYX and increasing its stake in AmigoZ to 99.85%, consolidating this company as a relevant and scalable origination channel within its digital collateralized retail ecosystem.

In terms of its operating markets, Banco Pine operates in a highly competitive environment within the Brazilian National Financial System, competing with large banks, niche institutions, credit cooperatives, and fintechs. In structured corporate credit, it is positioned in middle-market niches, prioritizing transactions with robust collateral and strict risk discipline. In payroll-deductible loans, it operates in a broad and regulated market, with a client base that includes INSS beneficiaries, public servants, and private-sector employees, in a context of evolving regulation that has introduced centralized contracting platforms, operational standardization, and portability mechanisms. The Bank’s expanded credit portfolio reflects a predominance of collateralized retail products and relevant origination in wholesale, with sector diversification and a focus on risk mitigation through guarantees, which translates into monitored delinquency levels and loan-loss provisions maintained at what are considered conservative levels.

From a regulatory standpoint, Banco Pine operates as a multiple-service bank authorized by the Central Bank of Brazil, holding commercial, investment, credit, financing and investment portfolios, in addition to leasing and authorization to operate in foreign exchange, rural credit and direct participation in Pix as a transactional account provider. The institution is subject to the rules of the National Monetary Council and to 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 to the rules of the Brazilian Securities and Exchange Commission (CVM), which regulates the securities market on which its PINE3 and PINE4 shares are traded. Operations are fully concentrated in Brazil, with no material revenue generated abroad, and net revenue is not dependent on a 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 on board composition, voting and tag-along rights, disclosure of information, and mechanisms for resolving corporate conflicts. Management emphasizes disciplined capital allocation, active management of credit and liquidity risk, and efforts to diversify revenue sources across wholesale, collateralized retail, services, and capital markets activities. The funding structure includes funding via CDBs, Letras Financeiras, financial debentures, and capital markets instruments, as well as interbank transactions, consistent with the profile of a mid-sized bank. The combination of activities in structured corporate credit, payroll-deductible retail, and financial advisory services 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.