Former Brazil’s Central Bank chief Roberto Campos Neto’s potential appointment to Nubank’s board has raised concerns among executives at rival banks over possible conflicts of interest, Estadão reported.

Campos Neto is expected to join the fintech as vice-chairman and head of Public Policy once his mandatory six-month quarantine ends on July 1.

Executives from three banks, speaking anonymously to Estadão, claimed that regulatory changes during his tenure may have disproportionately benefited Nubank.

“Nubank had open access to the Central Bank regardless of the banking associations,” said one executive. Another described the institution’s actions as a “crusade” against traditional banks.

Although not the only fintech in Brazil, Nubank is the country’s largest and, in their view, stood to gain the most from regulatory shifts such as the implementation of Pix, the instant payment system launched under Campos Neto’s leadership.

Critics from fintech circles argue the opposite, citing tougher regulation during his term. In 2022, the Central Bank increased capital requirements for payment institutions, which Nubank said were up to 15% stricter than initially proposed.

That same year, a cap on interchange fees for prepaid cards – one of Nubank’s revenue sources – was also introduced.

Campos Neto denied favouritism, stating the Central Bank’s work was “institutional” and focused on “inclusion, competition and sustainability”.