JPMorgan makes Brazilian retail banking debut with 40% stake in C6 Bank

 JPMorgan makes Brazilian retail banking debut with 40% stake in C6 Bank

The logo of JPMorgan is seen in Los Angeles, California, United States, on October 12, 2010. REUTERS/Lucy Nicholson

June 28 (Reuters) – JPMorgan Chase & Co (JPM.N) has taken a 40% stake in Brazilian digital bank C6 Bank, the companies said on Monday, making its retail debut in Latin America’s biggest economy.

JPMorgan in January announced plans to expand in retail banking through digital channels, starting in Britain. The U.S. bank has concentrated its activity in Brazil in corporate lending and investment banking.

“We’re pleased to partner with C6 and support their growth in Brazil, which has become one of the world’s fastest-growing digital banking markets,” Jamie Dimon, Chairman and CEO of JPMorgan Chase, said in a statement.

Founded in 2019 by former partners at Banco BTG Pactual SA , Latin America’s largest independent investment bank, C6 has 7 million clients, according to a statement.

The companies did not disclose the value of…

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