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JPMorgan to Shift Brazil Private Banking Clients to Bradesco
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In an effort to exit the Brazil private banking business, JPMorgan (JPM - Free Report) has entered into an agreement with Banco Bradesco S.A., wherein the former will possibly transfer its private banking clients to the latter.
JPMorgan is expected to continue to serve its clients in Brazil as a global bank with the same quality as ever. It will continue to provide a platform for products and services abroad.
Moreover, the transfer agreement is in line with JPMorgan’s objective of ensuring its customers’ continuity and excellence of the services currently provided.
Notably, customers who choose to migrate to the Bradesco Private Bank will be able to access a wide range of products and services that include guidance on succession and foreign exchange, advice on non-financial assets and structured transactions.
Bradesco, the second-largest player in the private banking segment in Brazil, has a strong local capacity for the management of investment and relationship strategies that allows it to meet the needs of the most demanding clients in a comprehensive manner.
Bradesco is expected to help in an organized transition for the benefit of clients. Both companies will act jointly to communicate the transfer process to customers, clarify any doubts and obtain the necessary approvals of those who opt for the migration of their portfolios to Bradesco.
However, JPMorgan has not made any comments on the matter yet.
Our Take
While, on one hand, JPMorgan is planning to exit its private banking business in Brazil, on the other it is working constantly to expand its footprint in new regions.
The bank aims to enter 15-20 new markets by the end of 2022, by opening roughly 400 new branches.
Last month, the bank said that it intends to launch an online-only bank in the U.K. early next year with an aim of capitalizing on the acceleration of the digital banking boom owing to the coronavirus pandemic.
While JPMorgan is expected to face tough competition in the U.K. from several local FinTech players like Monzo Bank Ltd. and Starling Bank Ltd., as well as large traditional banks including HSBC Holdings (HSBC - Free Report) and Barclays (BCS - Free Report) along with Goldman Sachs (GS - Free Report) , it is expected to continue its efforts toward digitizing operations to better align with customer needs. These efforts are expected to support the company’s profitability and boost market share amid a low-interest rate environment.
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JPMorgan to Shift Brazil Private Banking Clients to Bradesco
In an effort to exit the Brazil private banking business, JPMorgan (JPM - Free Report) has entered into an agreement with Banco Bradesco S.A., wherein the former will possibly transfer its private banking clients to the latter.
JPMorgan is expected to continue to serve its clients in Brazil as a global bank with the same quality as ever. It will continue to provide a platform for products and services abroad.
Moreover, the transfer agreement is in line with JPMorgan’s objective of ensuring its customers’ continuity and excellence of the services currently provided.
Notably, customers who choose to migrate to the Bradesco Private Bank will be able to access a wide range of products and services that include guidance on succession and foreign exchange, advice on non-financial assets and structured transactions.
Bradesco, the second-largest player in the private banking segment in Brazil, has a strong local capacity for the management of investment and relationship strategies that allows it to meet the needs of the most demanding clients in a comprehensive manner.
Bradesco is expected to help in an organized transition for the benefit of clients. Both companies will act jointly to communicate the transfer process to customers, clarify any doubts and obtain the necessary approvals of those who opt for the migration of their portfolios to Bradesco.
However, JPMorgan has not made any comments on the matter yet.
Our Take
While, on one hand, JPMorgan is planning to exit its private banking business in Brazil, on the other it is working constantly to expand its footprint in new regions.
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The bank aims to enter 15-20 new markets by the end of 2022, by opening roughly 400 new branches.
Last month, the bank said that it intends to launch an online-only bank in the U.K. early next year with an aim of capitalizing on the acceleration of the digital banking boom owing to the coronavirus pandemic.
While JPMorgan is expected to face tough competition in the U.K. from several local FinTech players like Monzo Bank Ltd. and Starling Bank Ltd., as well as large traditional banks including HSBC Holdings (HSBC - Free Report) and Barclays (BCS - Free Report) along with Goldman Sachs (GS - Free Report) , it is expected to continue its efforts toward digitizing operations to better align with customer needs. These efforts are expected to support the company’s profitability and boost market share amid a low-interest rate environment.
Shares of this Zacks Rank #3 (Hold) company have lost 14.4% in the past six months compared with the industry’s decline of 17.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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