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JPMorgan Chase takes 40% stake in Brazilian bank

The financial terms of the transaction were not disclosed

JPMorgan Chase

JPMorgan Chase takes 40% stake in Brazilian bank. Source: shutterstock.com

JPMorgan Chase and C6 Bank have entered into a strategic agreement, whereby JPMorgan Chase will take a 40% ownership stake in the full-service Brazilian digital bank, subject to regulatory approvals.

Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game-changer. With their support, we will invest and scale our business in a way that continues to provide Brazilian customers with best-in-class digital banking products to help them accomplish their goals
Marcelo Kalim, CEO and co-founder of C6 Bank

Brazil is one of the largest retail banking markets in the world, according to the press release. Unprecedented regulatory reform and infrastructure modernization has led to increased competition and consumers have shown a high rate of digital adoption.

Driven mainly by mobile banking usage, more than 60% of banking transactions in Brazil are conducted digitally1 a statistic that has risen steadily in recent years.

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