JPMorgan Chase & Co has acquired a 40 per cent stake in Brazilian digital bank C6 Bank, the companies said on Monday.
The deal marks JPMorgan's debut in Brazil's retail banking. The US bank has concentrated its activity in Brazil in corporate lending and investment banking.
Founded in 2019 by former partners of Latin America's largest independent investment bank, Banco BTG Pactual SA , C6 has 7 million clients, according to a statement.
"Partnering with JPMorgan Chase, a global leader in financial services and a trusted name in retail banking, is a game changer," said Marcelo Kalim, CEO and co-founder of C6 Bank.
The acquisition value and C6 valuation have not been disclosed.
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