C6 Bank is set to open its first five brick-and-mortar branches in the country in the next few weeks, an executive has revealed, enhancing the competition between the JPMorgan-backed digital bank and large retail lenders for high income clients in Latin America’s largest economy.
The bank’s goal for the coming months is to have at least one office in each of the country’s capital cities and in other towns with many potential wealthy clients.
The move comes about a month after C6, established in 2019, launched Carbon, a platform focused on the roughly 20 million account holders who have an income of more than 15,000 reais ($2,862.16) per month or more than 150,000 reais in investments.
Similar units in Brazilian large cap lenders include Banco Bradesco SA’s Prime and Banco Santander Brasil SA’s Van Gogh.
With the physical branch’s initiative, C6 aims to increase its share in the high-income market, which it expects to cover some 5 million people in the country.
In 2021, the purchase of a 40% stake in C6 marked JPMorgan Chase & Co’s debut in Brazil’s retail banking. C6 was founded by former partners at Banco BTG Pactual SA, Latin America’s largest independent investment bank.