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Brazilian digital bank C6 set to enter corporate lending segment

Brazilian digital bank Banco C6 SA plans to enter the corporate lending segment by early February, targeting small- and medium-sized enterprises that have annual revenues of 500 million reais, founding partner Luiz Marcelo Calicchio told Valor Econômico.

The lender will initially offer current account, transfers and payment services to companies before it gradually expands the range of services on offer. It does not plan to compete with larger banks in lending to big corporations, the executive reportedly said.

Some of the products offered by Banco C6, which was founded in 2018 by former Banco BTG Pactual SA executives, have already started generating positive margins and the bank expects to see "much more pleasant" returns in 2021, Calicchio added.

The corporate lending plans come after C6 reached one million individual accounts. Following two contributions from shareholders, the bank's capital increased to 475.9 million reais from 315 million reais at the time of its launch.

Calicchio confirmed that the bank has long-term plans for an initial public offering but does not have a time frame set.

As of Jan. 15, US$1 was equivalent to 4.18 Brazilian reais.