JPMorgan boosts stake in Brazil’s C6 Bank
NEW YORK, UNITED STATES — Banking titan JPMorgan Chase & Co has boosted its stake in Brazil’s C6 digital bank from 40% to 46%. Financial terms weren’t disclosed.
Since JPMorgan’s initial investment in June 2021, C6’s clientele has grown from 8 million to 25 million. Additionally, the bank expanded its services, now offering products like auto loans.
C6’s credit portfolio jumped from 9.5 billion reais (US$1.95 billion) to 40 billion reais (US$8.2 billion), though it posted a 2.2 billion reais (US$453 million) loss last year due to provisions for credit losses.
Sanoke Viswanathan, JPMorgan’s CEO of international consumer banking, said the added investment in C6 is key to their global digital banking strategy, underscoring their commitment to the partnership.
C6 Bank’s CEO, Marcelo Kalim, highlighted two years of successful collaboration: “We will increasingly work together to bring benefits to our customers.”
In October, C6 announced plans to expand into physical operations to cater to wealthier clients in Brazil.
JP Morgan and Chase is a world leader in investment and commercial banking, with a total asset of $2.6 trillion. The company operates in more than 60 countries with the help of over 240,000 employees. It is also listed in Outsource Accelerator’s (OA) Global Outsourcing Firm (BPO) Index, a vital tool in assisting the BPO decision-making community with a broad but objective industry assessment.
