What Banco Pine does

Banco Pine S.A. is a Brazilian mid-sized business bank founded in 1997 by Noberto Nogueira Pinheiro, continuing a family financial market tradition dating to 1939. The bank is headquartered in São Paulo, publicly listed on B3 (ticker PINE4; first medium-sized bank to list on B3 in 2007), and operates with 251-500 employees across 13+ offices covering all Brazilian states plus a Cayman Islands offshore branch. The bank specializes in corporate and wholesale banking, with agribusiness representing 42% of the wholesale portfolio and real estate developers as a second core vertical. The product suite spans working capital loans (Capital de Giro), export financing (NCE/CCE, ACC/ACE), commercial notes, business overdraft, government-backed credit (FGI/PEAC), surety bonds, supply chain finance (Confirming), agricultural warrants (CPR-F), financial leasing, foreign exchange, trade finance (letters of credit, Finimp), and derivatives (NDFs, options, swaps). Capital markets services include CRA, CRI, debentures, and financial advisory distributed through wholly-owned subsidiary Pine DTVM, which has coordinated 70+ public offerings in the past decade. Investment products (CDB, repurchase agreements, financial notes) are distributed via the Pine Online digital platform and Pine Empresas corporate portal.

The business model generates revenue primarily through interest income from credit operations, transaction fees from capital markets distribution and FX/trade finance, commission income from insurance brokerage, and net interest margin on issued investment products. Distribution combines direct relationship management for corporate clients, a correspondent banking network of 30+ partners for retail payroll products, and digital platforms (Pine Online, Pine Empresas) for investment products. The retail segment has been expanded through a 99.8% controlling stake in Amigoz fintech, offering payroll-deductible and benefit credit cards via Visa network with cash withdrawal capabilities up to 70% of credit limits, plus 2025 entry into the private sector CLT payroll loan market. Recent capital actions include a 2026 Follow-On offering (Project Remo), multiple capital increases through warrant exercises, and a Moody's rating upgrade to A+.br with Positive outlook in March 2026, alongside S&P's brA+ Stable rating. The bank is B3 Level 2 governance listed and operates with a controlling shareholder holding 63.71% of total shares.

Name

Banco Pine

Legal name

Banco Pine S.A.

Website

https://pine.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

251–500 employees

Short description

Banco Pine is a Brazilian mid-sized business bank (founded 1997, B3-listed) providing corporate credit, capital markets, FX, and derivatives services to agribusiness, real estate, and medium/large companies, plus retail payroll loans via the Amigoz fintech platform and 30+ correspondent partners.

Ownership category

akta.pro rank

Product category

Corporate Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

State Commercial Banks (6022), Mortgage Bankers & Loan Correspondents (6162), Personal Credit Institutions (6141)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

Keywords

• Corporate banking services
• Agribusiness financing
• Capital markets distribution
• Payroll lending
• Trade finance solutions

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Credit Operations: Banco Pine generates primary revenue through interest income from corporate credit, working capital loans, agribusiness financing, real estate lending, and payroll loans. The bank offers diverse credit products including NCE/CCE export financing, commercial notes, guaranteed credit accounts, and financial agricultural warrants (CPR-F).
2. Capital Markets Operations: Pine DTVM subsidiary coordinates public offerings of securities (CRA, CRI, debentures, FIIs) earning distribution commissions and fees. The bank advises on capital markets fundraising and financial structures.
3. Investment Products: Revenue from investment products including CDB (Bank Deposit Certificate), Financial Notes, Repurchase Agreements, and LCA/LCA agricultural credit letters issued to clients.
4. Foreign Exchange Services: Fees and spreads from spot exchange, future exchange, ACC/ACE export advances, letters of credit, and Finimp import financing.
5. Insurance Brokerage: Commission income from insurance products including D&O, cyber insurance, property, credit insurance, surety bonds, and agribusiness insurance through the bank's insurance broker services.
6. Derivatives and Risk Management: Revenue from NDF (currencies and commodities), swap, and options transactions for corporate clients seeking to hedge balance sheet exposures.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Banco Pine is a wholesale-focused Brazilian bank that delivers customized credit, capital markets, foreign exchange, derivatives, and structured finance solutions to medium and large corporate clients across agribusiness, real estate, and general industry segments, complemented by retail payroll-deductible loans, fixed-income investments via the Pine Online platform, and securities distribution through its Pine DTVM subsidiary. The bank distributes products through 13+ regional offices, a correspondent banking network of more than 30 partners, digital platforms (Pine Online and Pine Empresas), and the wholly-owned fintech Amigoz for payroll credit cards.

Product overview

Banco Pine is a business bank founded in 1997 offering a comprehensive suite of financial products and services for both corporate (wholesale) and retail (payroll loans) clients. The product portfolio operates across three main segments: (1) Corporate/Credit Solutions including working capital loans (Capital de Giro), export financing (NCE/CCE), commercial notes (Nota Comercial), business overdraft (Cheque Empresa), guaranteed credit accounts (Conta Garantida), FGI/PEAC government-backed loans, surety bonds (Fiança), supply chain financing (Confirming), multi-debtor receivables (Multi Sacado), agricultural warrants (CPR Financeira), and financial leasing (Leasing Financeiro); (2) Foreign Exchange & Trade Finance covering ACC/ACE export advances, letters of credit, spot and forward exchange, and import financing (Finimp); (3) Derivatives including NDFs, options, and swaps for risk management; (4) Capital Markets services including CRA, CRI, debentures, and financial advisory; (5) Investment products (CDB, Repurchase Agreements, Financial Notes) through the Pine Online digital platform and Pine Empresas corporate platform; (6) Retail products including payroll loans (Empréstimo Consignado), worker credit (Crédito do Trabalhador), FGTS advances, and Amigoz co-branded credit cards; (7) Insurance brokerage; and (8) Partnership services. The bank also operates Pine DTVM as a securities distribution subsidiary and holds a 99.8% stake in fintech Amigoz.

Differentiator

Problem solved

Functional benefit

Brands

• Amigoz: Fintech partner offering payroll-deductible and benefit credit cards through Visa network, allowing retail users to make purchases, access benefits, insurance, and credit through cash withdrawals from available payroll-deductible limits.

Products and services

• Pine Online Fully digital and 100% free platform for clients (individuals and corporates) to invest in fixed-income products, accessible via web and mobile application.
• Pine Empresas Digital platform for corporate clients to access credit operations, account management, and financial services tailored to business needs.
• CDB (Certificado de Depósito Bancário) Fixed-income Bank Deposit Certificate issued by Banco Pine, covered by the Credit Guarantee Fund (FGC), with daily liquidity or fixed maturity options.
• Compromissadas (Repurchase Agreements) Short-term fixed-income investment with daily liquidity backed by third-party debentures, ideal for corporate cash management.
• Letra Financeira (Financial Letter) Long-term fixed-income note issued by Banco Pine with minimum investment of BRL 50,000,000 and minimum term of 24 months, offering fixed or floating interest rates.
• Capital de Giro (Working Capital) Working capital credit line designed to meet companies' cash flow needs for negotiating with suppliers, inventory management, tax payments, and unexpected expenses.
• NCE/CCE (Export Financing Notes and Certificates) IOF-exempt financing options tailored for exporting companies or those involved in the export production chain.
• Nota Comercial (Commercial Note) Private debt instrument for raising capital to finance company operations, with customizable amortization plans and terms.
• Cheque Empresa (Business Overdraft) Business overdraft credit line linked to the company's checking account for handling unexpected cash flow needs, with automatic fund disbursements and repayments.
• Conta Garantida (Guaranteed Credit Account) Pre-approved revolving credit limit for companies, available for use as needed with transfers to the company's checking account at Banco Pine.
• FGI/PEAC Credit Lines Credit lines for micro, small, and medium-sized enterprises backed by the Guarantee Fund for Investments (FGI) of BNDES.
• Fiança (Surety Bonds) Surety bonds provided by Banco Pine to secure the financial obligations of companies to third parties, with pre-negotiated terms and quick credit approval.
• Confirming (Supplier Financing) Supplier financing credit line for advancing receivables to the company's supply chain, with a fully electronic operation from invoice submission to supplier payment.
• Multi Sacado (Multi-Debtor Receivables) Financing solution for advancing term receivables without joint liability, where clients submit a diversified receivables portfolio via electronic file.
• CPR Financeira (Financial Agricultural Warrant) Financial Agricultural Warrant (CPR-F) is a security issued by agricultural producers, allowing capital raising with IOF exemption.
• Leasing Financeiro (Financial Leasing) Financial leasing of national or imported products allowing clients to access capital goods with better financial planning and potential tax benefits.
• ACC/ACE (Export Contract Advances) ACC enables anticipation of funds in the pre-shipment phase, while ACE enables anticipation after shipment, with funds available in local currency.
• Carta de Crédito (Letter of Credit) Commercial financing instrument available as Import Letter of Credit (Pine guarantees payment to overseas exporter) or Export Letter of Credit (guarantee received from foreign bank).
• Câmbio Pronto (Spot Foreign Exchange) Buy and sell foreign currency with immediate settlement within two business days, formalized through a Foreign Exchange Contract.
• Câmbio Futuro (Forward Foreign Exchange) Buy and sell foreign currency with future settlement beyond two business days, eliminating exchange rate fluctuation risks.
• Finimp (Import Financing) Credit line specifically designed for import financing, enabling extended payment terms for products and services procured from abroad, with up to 100% financing.
• NDF - Moedas e Commodities Non-Deliverable Forward contracts for currencies and commodities, providing financial settlement without physical delivery of the underlying asset.
• Opções (Options) Options transactions granting the right to buy or sell at a preset price on a future date, enabling companies to protect financial statements from exposures.
• Swap Transaction for businesses to reduce market exposure risks through exchange of financial indices including currencies, local or international interest rates, or commodities.
• Mercado de Capitais (Capital Markets Services) Customized solutions for raising funds in capital markets, including CRA, CRI, debentures, commercial notes, and financial advisory services.
• CRA (Certificado de Recebíveis do Agronegócio) Fixed-income security representing an agribusiness company's debt, backed by agribusiness receivables, issued by securitization companies with income tax exemption for individual investors.
• CRI (Certificado de Recebíveis Imobiliários) Fixed-income security representing a real estate company's debt, backed by real estate receivables, with income tax exemption for individual investors.
• Debêntures Debt securities issued by companies for capital raising, including incentivized debentures for infrastructure or R&D projects with income tax exemption for individual investors.
• Assessoria Financeira (Financial Advisory) Specialized financial advisory services including asset intermediation, identification and development of financial structures for fundraising, and strategic partnership development.
• Empréstimo Consignado (Payroll Loan) Personal credit with installments deducted directly from payroll or INSS benefit, available for retirees, pensioners, and public servants with competitive interest rates.
• Crédito do Trabalhador (Worker Credit) Credit solution for private sector employees with installments deducted from payroll, offering competitive rates and flexible terms.
• Empréstimo FGTS (FGTS Advance) Personal credit option that advances funds based on the employee's FGTS balance, with installment debits made annually from FGTS accounts in the borrower's birth month.
• Cartão Consignado Amigoz Payroll-deductible credit card offered in partnership with Amigoz, featuring significantly lower interest rates than standard cards, with cash withdrawal up to 70% of the limit.
• Corretora de Seguros (Insurance Brokerage) In-house insurance brokerage offering tailored solutions for risk management, including cyber, D&O, E&O, property, credit, engineering, transportation, and fleet insurance.
• Pine DTVM (Securities Distribution) Wholly-owned securities distributor subsidiary (DTVM) registered with ANBIMA, CVM, and BCB, involved in distributing public offerings of securities including CRA, CRI, debentures, and investment funds.
• Amigoz (Payroll Credit Card Fintech) Fintech offering payroll-deductible and benefit credit cards through Visa network, with the platform developed in partnership with BYX and Banco Pine; Pine holds a 99.8% stake.

Quantifiable outcome

• 42% of wholesale portfolio in agribusiness sector
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core.

• AmigozcoreChannel Partner/ Reseller/ Distributor · 1 January 2022Amigoz is a fintech that offers payroll-deductible and benefit credit cards through its platform developed in partnership with BYX Produtos and Banco Pine. Pine holds a 99.8% stake in Amigoz. The Amigoz platform enables retail users to make purchases through Visa network, access benefits, insurance, and credit through cash withdrawals up to 70% of payroll-deductible limits.
• BYX ProdutoscoreTechnology or Integration · 1 January 2022BYX Produtos co-developed the Amigoz platform with Banco Pine for payroll-deductible credit cards. The platform integrates with Visa network and provides systems for retail users to access credit, benefits, and insurance products.
• Pine DTVMcoreOthersPine Investimentos DTVM is a wholly-owned subsidiary registered as a Securities Distributor with ANBIMA, CVM, and BCB. It has coordinated distribution of more than 70 public offerings of securities in the past 10 years including CRA, CRI, debentures, and investment funds.
• AD PromotoracoreChannel Partner/ Reseller/ DistributorAD Promotora is a correspondent bank of Banco Pine for reception and forwarding of credit operation proposals and financial leasing. Located in Barueri/SP.
• AJ CredcoreChannel Partner/ Reseller/ DistributorAJ Cred is a correspondent bank of Banco Pine for credit operations. Located in Ji-Paraná/RO.
• FactacoreChannel Partner/ Reseller/ DistributorFacta is a correspondent bank of Banco Pine for credit operations. Located in São Paulo/SP.
• EmprestacoreChannel Partner/ Reseller/ DistributorEmpresta is a correspondent bank of Banco Pine for credit operations. Located in Uberlândia/MG.
• Happy ConsignadocoreChannel Partner/ Reseller/ DistributorHappy Consignado is a correspondent bank of Banco Pine for payroll loans. Located in Barueri/SP.

Scale indicators7 records

Recent moves18 records

Expansion highlights6 records

Broad incumbents

• Banco Bradesco: Major Brazilian commercial bank with extensive corporate, retail, and investment banking operations. Competes with Pine in corporate credit, capital markets, and payroll lending, with substantially larger distribution network and capital base.
• Banco do Brasil: Largest Brazilian state-owned bank with dominant agribusiness financing position and full-service corporate/retail offering. Directly competes with Pine in agribusiness (where Pine has 42% wholesale concentration) and in government-related payroll loans, but at vastly greater scale.
• Itaú Unibanco: Brazil's largest private bank offering comprehensive corporate, retail, and investment banking services. Overlaps with Pine across most product lines (corporate credit, FX, capital markets, payroll loans) but competes at significantly greater scale and broader geographic reach.
• BTG Pactual: Largest independent investment bank in Latin America with broad corporate banking, capital markets, and asset management offerings. Comparable to Pine in capital markets and corporate banking services, but operates at substantially larger scale across multiple geographies.
• Santander Brasil: Major Brazilian commercial bank (subsidiary of global Santander Group) offering comprehensive corporate and retail services. Competes with Pine across multiple segments including corporate credit, FX, and payroll loans, with global trade finance capabilities.

Direct peers

• Banco Sofisa: Brazilian mid-sized publicly-traded bank with operations spanning corporate credit and retail payroll loans. Directly comparable to Pine in being a smaller public Brazilian bank with both corporate and retail credit segments and a focus on payroll-deductible lending.
• Banco Daycoval: Brazilian mid-sized commercial bank serving corporate and middle-market clients with diversified credit, FX, and capital markets products. Comparable to Banco Pine in scale, public B3 listing, mid-sized positioning, and focus on working capital and trade finance for Brazilian corporates.
• Banco Modal: Brazilian investment and corporate bank offering credit, capital markets, and wealth management to middle-market and corporate clients. Comparable to Pine DTVM's capital markets business and overall mid-sized wholesale banking positioning in Brazil.
• Banco ABC Brasil: Brazilian mid-sized wholesale/commercial bank focused on large corporate and middle-market clients with strong sector specialization. Closely comparable to Banco Pine in customer segment focus (corporate/wholesale), product mix (credit, FX, capital markets), and scale (publicly traded mid-tier bank).

Emerging players

• BMG: Brazilian bank specializing in payroll-deductible credit and consigned loans for INSS retirees and public servants. Directly comparable to Pine's Amigoz retail payroll card strategy and payroll loan operations, with a more focused retail-consigned model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/banco_pine

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banco Pine