JPMorgan Chase sees long-term growth in Latin America
With an increasing amount of investment and trade appearing to be heading to Latin America in the long term, JPMorgan Chase & Co. plans to continue to develop its financial services offerings in the region.
Latin America is benefiting from the trend of outsourcing manufacturing to the region from China, increased financial flows there after the war in Ukraine, and rising tensions between the United States and China, and private investments aimed at fighting climate change, said the CEO of JPMorgan Chase. America and Canada Alphonse Eyzaguirre told Reuters in a interview.
As a result, the bank will continue to increase its presence in the region, Eyzaguirre said.
JPMorgan Chase added services for enterprise clients in Latin America, increased its workforce in the region to 6,200 and built a technology hub in Argentina. Additionally, it offers retail banking services in Brazil after buying a 40% stake in C6 Bank, according to the report.
“We chose Brazil because of the size of the population, high internet usage, as well as central bank regulations already geared towards FinTechs,” Eyazguirre told Reuters.
JPMorgan Chase did not immediately respond to PYMNTS’ request for comment.
JPMorgan acquired its stake in C6 Bank in June 2021 and noted at the time that the Brazilian retail market has seen new levels of digital adoption as the country has seen regulatory reform and modernization of infrastructure.
At the time, more than 60% of Brazilian banking transactions were already done digitally.
In October, it was reported that C6, which had been a digital bankwas preparing to open its first physical stores in an effort to attract a more affluent clientele.
C6 aims to have an office in each of Brazil’s capitals, as well as other communities with a large pool of affluent potential clients, adding up to dozens of offices to open across the country by the end of 2023.