Today In Digital-First Banking: NYCB, Flagstar To Combine In $2.6 Billion Deal; Nubank In Discussions To Go Public In US
In today’s top news in digital-first banking, Michigan’s Flagstar Bancorp and New York Community Bancorp (NYCB) have inked a merger deal, while Brazil’s Nubank is said to be in talks to go public. Plus, J.P. Morgan Chase is reportedly making an actively managed bitcoin fund for well-heeled clients.
Michigan’s Flagstar Bancorp and New York Community Bancorp (NYCB) have signed a merger deal. Flagstar offers banking services for small companies and individuals across nearly 160 branches in Ohio, Wisconsin, California, Indiana and Michigan. NYCB, which is based in Westbury, New York, is geared toward loans in the rent-controlled and non-luxury apartment sector. Thomas R. Cangemi of NYCB will be the president and CEO of the combined firm.
Nubank of Brazil is reportedly in discussions to go public on the U.S. stock market through an initial public offering (IPO). The digital bank is reportedly working with advisers in the U.S., but more information, like when the IPO would occur, is unclear. “We will probably do an IPO at some point in time, but it is not among our current priorities. We have the support of an amazing group of investors that share a long-term vision on our business,” Nubank told Reuters via email.
J.P. Morgan Chase is reportedly creating an actively managed bitcoin fund for well-heeled customers. Sources said in a published report that the bitcoin fund could be launched in the summer at the earliest, while New York Digital Investment Group (NYDIG) will function as J.P. Morgan’s custody provider. Bitcoin was trading at a value in excess of $51,000 on February 19. The digital token was trading near $53,300 early in the evening on Monday (April 26).
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