JPMorgan Buys Stake in Digital Bank C6 in Brazil Retail Push (1)

JPMorgan Chase & Co. agreed to buy a 40% stake in C6 Bank of Brazil, cementing the U.S. lender’s foothold in the nation’s burgeoning retail-banking market.

Under the terms of the deal, which was announced in a statement Monday, JPMorgan can expand its ownership of the full-service digital bank to 100% in the future, according to a person familiar with the arrangement.

C6 was valued at about 11.3 billion reais ($2.3 billion) in December during a fundraising round by private investors. Since then, the company’s customer base has almost doubled to more than 7 million, meaning it will have a ...