Credit Suisse has signed a partnership agreement with a digital bank in Brazil. The deal gives the Swiss bank access to a million new clients.
Switzerland's No. 2 has signed a long-term agreement with Modalmais, a Brazilian digital broker. The deal allows Credit to purchase preferred shares equivalent to as much as 35 percent of the digital bank's capital.
«This announcement underlines our strong commitment to our Brazilian clients and our growth ambitions for this priority market,» said Philipp Wehle, head of wealth management, according to a statement released by the bank. «This transaction further enhances our ability to serve our clients digitally while getting access to additional client segments in a fast growing environment.»
New Customer Base Made Available
The Swiss bank also said that Modalmais had a modern digital platform that would benefit its clients in Brazil. It also gives us access to an additional segment of clients. Modalmais has about 1 million clients and manages $1.9 billion.
Digital wealth managers are doing particularly well in Brazil, with interest rates at a record low of 2.25 percent.
