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JPMorgan Chase acquires stake in Brazilian digital bank

JPMorgan Chase has acquired a 40% ownership in Brazilian full service digital bank C6 Bank through a strategic agreement. The acquisition is subject to regulatory approvals. Financial terms of the transaction were not disclosed. C6 Bank has more than 7 million customers on its digital platform. It offers a complete suite of products, including multi-currency checking and savings accounts, travel and loyalty programs, debit and credit cards, investment and lending products for individuals, as well as banking and payments products for small businesses. JPMorgan Chase has had a local presence in Brazil for nearly 6 decades, offering expertise in corporate and investment banking, wholesale payments, markets, private banking and asset management. Post the acquisition of the share, both the banks will work together to transform the financial lives of Brazilians, the 2 banks said highlighting that JPMorgan Chase strategic investment in the bank creates a partnership that will boost C6’s growth and complements Chase’s international consumer strategy.

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