M and A
JP Morgan Reportedly Spins Off Brazil Wealth Assets
The US banking group is said to have about $3.71 billion of AuM in its Brazilian private banking arm.
JP Morgan has
agreed with Brazil’s Banco Bradesco to potentially transfer its
private banking clients to the Brazilian lender.
The US banking group has about 20 billion reais ($3.71 billion)
under management in its Brazilian private banking unit,
Reuters quoted an unnamed source as saying.
Bradesco also said that JP Morgan will continue to provide
Brazilian clients with products and services abroad. Under the
terms of the agreement, clients may opt to migrate to the
Brazilian bank.
JP Morgan declined to comment on the matter to Family
Wealth Report.
Banco Bradesco said in a statement that JP Morgan clients who
wanted to move assets over could do so.
“JP Morgan will continue serving its clients in Brazil as a
Global Bank with the same quality as ever, providing a platform
for products and services abroad that only one of the largest
global banks has to offer,” Bradesco said.
“Bradesco has a wide and solid local platform of private banking,
as the 2nd largest player in this segment in the country
according to ANBIMA – Brazilian Association of Entities of the
Financial and Capital Markets, with more than R$300 billion in
assets under management, more than15 thousand clients and
approximately 450 dedicated staff member,” it said.
Separately, on September 1, Bradesco issued a release stating
that a fintech business it created in 2017 will be operated with
“greater autonomy”, and how it will compete with other digital
banks and fintechs.
