Market News
NEW YORK, Aug 29 - JPMorgan Chase & Co has increased its stake in Brazilian digital bank C6 to 46% from 40%, the banks said in a statement on Tuesday, without disclosing the financial terms.
The banks said C6 had expanded its number of clients to 25 million from 8 million since June 2021, when JPMorgan bought its initial stake, and had added products such as auto loans. Sanoke Viswanathan, JPMorgan's CEO of international consumer banking, said the investment in C6 Bank was an important part of the lender's global strategy.
The credit portfolio of C6 had increased to 40 billion reais from 9.5 billion when JPMorgan first invested, according to the statement. JPMorgan and C6 did not announce a valuation in their 2021 agreement, but C6 was valued at 11.3 billion reais in December 2020, six months before the deal, equivalent to $2.28 billion at the time, when it raised capital from private investors.Reporting by Tatiana Bautzer; Editing by Chris Reese, Michelle Price and David Holmes
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan increases stake in Brazilian digital bank C6 to 46%By Tatiana Bautzer NEW YORK (Reuters) - JPMorgan Chase & Co has increased its stake in Brazilian digital bank C6 to 46% from 40%, the banks said in ...
Read more »
Auto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit CarmakersShawn Fain, president of the United Auto Workers union since March, has declared “war” on the Detroit Three automakers, with contract demands that even he calls “audacious,” including proposals for a 46% raise, a return to traditional pensions and a 32-hour work week.
Read more »
JPMorgan Regional Head Hired by Crypto-Friendly Singapore Gulf Bank in BahrainSingapore family office Whampoa Group recruited Ali Moosa from JPMorgan Chase & Co. to help oversee a digital bank in Bahrain whose services include payments and settlement for crypto companies.
Read more »
CAF offers $600 million in counter-guarantees for Brazilian exports to Argentina -ministersBRASILIA (Reuters) - Latin America development bank CAF has offered $600 million in assistance to counter-guarantee payments for Brazilian exports to ...
Read more »
CAF offers $600 million in counter-guarantees for Brazilian exports to Argentina -ministersBRASILIA (Reuters) - Latin America development bank CAF has offered $600 million in assistance to counter-guarantee payments for Brazilian exports to ...
Read more »
JPMorgan’s Matejka Says European Stocks Face Risks From SlowdownThe outlook for European stocks whose fortunes are most closely linked to growth in the economy is becoming bleaker, thanks to faltering business activity and China’s downbeat recovery, according to JPMorgan Chase & Co. strategists.
Read more »