In a statement on Tuesday, the US’s largest bank, JP Morgan & Co., announced that it has increased its stake in C6, a Brazilian digital bank, to 46% from 40%, without disclosing the financial terms.
Since 2021, the C6 had expanded their clients to 25 million from 8 million, the banks said, and when JPMorgan acquired its first stake, it had also added new products like auto loans.
The investment in C6 Bank was an important part of the lender’s global strategy, said the CEO of JPMorgan’s international consumer banking, Sanoke Viswanathan.
According to the statement, when JPMorgan first invested, the credit portfolio of C6 had increased to 40 billion reais from 9.5 billion.
Although JPMorgan and C6 did not disclose a valuation in their 2021 agreement, C6 was valued at 11.3 billion reais in December 2020, six months before the acquisition, when it raised money from private investors.
Due to increased provisions for credit losses, C6 posted a 2.2 billion real loss last year
