“Can a J&F-backed Brazilian bank carve out a defensible niche serving Agronegócio, Corporate, and Middle-market clients after exiting retail?”
Banco Original was founded as the J&F group's financial arm and originally pursued a digital retail banking strategy in Brazil. It has since pivoted away from retail consumer banking — personal accounts were migrated to PicPay — and now positions itself purely as a B2B bank focused on Agronegócio, Corporate (>R$500M revenue), and Middle Market (R$50M–R$500M revenue) segments. As of Dec 2025 it reports R$32.1B in total assets and R$20.7B in credit portfolio.