NEW YORK, Aug 29 (Reuters) - JPMorgan Chase & Co (JPM.N) 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 ($8.2 billion) from 9.5 billion when JPMorgan first invested, according to the statement.
C6 posted a 2.2 billion real loss last year, due to increased provisions for credit losses.
Persons:
Sanoke Viswanathan, Tatiana Bautzer, Chris Reese, Michelle Price, David Holmes
Organizations:
JPMorgan Chase &, JPMorgan, C6 Bank, C6, Thomson