Deere & Company and Banco Bradesco in Brazil will establish a strategic alliance for the Brazilian market. The 50:50 joint venture at Banco John Deere aims to provide enhanced financing options for John Deere customers and dealers within the country.
Under terms of the agreement, Bradesco, through its subsidiary Bradesco Holding de Investimentos, will invest in Banco John Deere, a wholly owned subsidiary of Deere & Company. Through the joint venture, both institutions aim to enhance and optimize their suite of financial services, banking products, and processes, strengthening their ability to provide competitive and advantageous options. Banco John Deere and Bradesco will leverage their technology to meet the needs of customers and dealers more efficiently.
“John Deere is dedicated to transforming the financing experience for its customers and dealers in Brazil,” said Jorge Sivina, Regional Managing Director, John Deere Financial. “Through this joint venture, Deere will enhance its portfolio and diversify its financing options for equipment, parts, and services, including its new subscription-based solutions.”
“This partnership represents an important new position for Bradesco in the ag and construction sectors, two key components of the Brazilian economy,” says José Ramos Rocha Neto, Director Vice-President for Bradesco. “We expect to amplify our financing and services options for customers and dealers of John Deere in Brazil.”
Completion of the transaction is subject to fulfillment of certain customary precedent conditions, including necessary regulatory and competitive approvals. Implementation will take place after regulatory approval. In the interim, customers can continue to use Banco John Deere products and services. Banco John Deere will maintain its existing brand.
