Global: Brazil’s central bank approves purchase of 40% of C6 Bank by JP Morgan

The Central Bank of Brazil has approved the purchase of 40% of Brazil-based C6 Bank by US-based bank JP Morgan Chase, according to poder360.com.br.

The operation, announced in June 2021, had already received approval from CADE (Administrative Council for Economic Defense). The information is from the newspaper O Estado de S. Paulo. At the time the deal was announced, the banks did not disclose the amounts. In a statement, Sanoke Viswanathan, CEO of International Retail at JP Morgan Chase, said that C6 Bank is an ‘impressive platform’ of financial sector products and services. The strategy is to accelerate the growth of digital banking.

C6 Bank started operations in 2019. It offers products such as multi-currency, debit and credit cards, loyalty programme, investment, and credit platform for individuals and companies. According to the latest information released by the bank, C6 Bank has 14 million customers (among individuals, MEIs and SMEs).