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 yesterday to this publication.
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 second 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 than 15,000 clients and approximately 450 dedicated staff members,” it said.
Separately, on 1 September, Bradesco issued a release stating that a fintech business which it created in 2017 will be operated with “greater autonomy”, and will compete with other digital banks and fintechs.