C6 Bank, a Brazil-based digital lender, will commence face-to-face operations in the country soon with five new branches, reported Reuters citing an executive.
The opening of the physical branches is part of the bank’s strategy expand its customer base and better compete with large retail lenders in the country.
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The JPMorgan-backed lender reportedly seeks to attract customers in the high-income category, with plans to cover nearly five million people across the country.
C6 Bank high income head Felipe Wey told the publication: “Dozens of offices are expected to be opened by the end of 2023.”
Wey added that C6 intends to open at least one office in each of the country’s capital cities and towns in the coming months to tap “potential wealthy clients”.
Each of the upcoming branches will be equipped with over ten staff.
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By GlobalDataThe units plan to adopt a “more detailed and customised approach” to encourage client engagement, Wey noted.
Recently, the C6 Bank announced the launch of its new platform Carbon.
The platform caters to nearly 20 million account holders having an income of over $2,862.16 per month.
C6 Bank was launched by former partners at Banco BTG Pactual SA in 2019.
The digital lender offers a wide range of services including checking and savings accounts, debit and credit cards, investments, and lending products.
In June last year, JPMorgan Chase inked an agreement to acquire a 40% stake in C6 Bank. The move marked JPMorgan’s entry into Brazil’s burgeoning retail banking sector.
