March 13, 2019 / 6:20 PM / in 3 months

Brazilian online bank C6 to operate as a broker in NY

SAO PAULO (Reuters) - Brazilian online bank C6 was granted a license by the Financial Industry Regulatory Authority to operate as a broker in New York, the company said on Wednesday.

C6 will focus on institutional clients in the United States, Europe, Asia and Latin America, initially offering corporate and sovereign fixed-income bonds, the bank said. Later, C6 intends to also trade stocks, interest and currency contracts.

Founded by Marcelo Kalim, former chairman of Brazilian investment bank BTG Pactual SA, C6 began operations in Brazil in January, after receiving Central Bank authorization. So far, clients are limited to invitees.

Being purely an online operation, C6 will distribute third-party products for consumers and corporations. Shareholders’ initial investment is about 500 million reais ($131 million).

Reporting by Carolina Mandl; Editing by Jeffrey Benkoe

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