JPMorgan Chase & Co. has reached a deal with Banco Bradesco S.A. to transfer its private banking business in Brazil. The Sao Paulo-based Bradesco is among Brazil's largest financial services companies.

JPMorgan currently manages roughly 20 billion reais ($3.71 billion) as part of its private banking branch in Brazil, a source told Reuters. The company will still provide services to Brazilian customers abroad.

Brazilian clients of JPMorgan can choose to move to Bradesco. “Bradesco will act to enable an organized transition for the benefit of the clients,” the Brazilian banking giant said.

Marcelo Noronha, executive vice president of Bradesco, told Bloomberg that JPMorgan “is very well respected among Brazilian wealthy clients and we are honored they have chosen us for this deal.”

Bradesco is constantly expanding and has acquired numerous banks around Brazil in recent years. The value of the financial services company has grown by 50% since 2017, with Bradesco being Brazil’s third-largest bank by total assets.

JPMorgan is the largest bank in the U.S. and the seventh-largest in the world by total assets. The bank operates in more than 60 countries and has more than 240,000 employees worldwide.

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