News Release August 09, 2024
John Deere to enter strategic alliance with Banco Bradesco in Brazil
With the joint venture, Banco John Deere will improve the financing experience for Deere customers and dealers in Brazil
MOLINE, Illinois (August 9, 2024) — Deere & Company (NYSE: DE) and Banco Bradesco have agreed to establish an innovative 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 innovative and user-friendly 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.
About John Deere:
Deere & Company (www.JohnDeere.com) is a global leader in the delivery of agricultural, construction, and forestry equipment. We help our customers push the boundaries of what’s possible in ways that are more productive and sustainable to help life leap forward. Our technology-enabled products including John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe are just some of the ways we help meet the world's increasing need for food, shelter, and infrastructure. Deere & Company also provides financial services through John Deere Financial.
For more information on Deere & Company, visit us at www.deere.com/en/news/.
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About Bradesco:
With a history of 83 years, Bradesco is one of the largest banks in Brazil, and has grown and evolved following trends and economic cycles in Brazil. In recent years, Bradesco has accelerated the integration of physical and digital services to provide a better experience for its more than 72.9 million customers. Bradesco is present throughout Brazil and offers service segmented by areas of specialization and customer profile, for both individuals and companies. As a complement to service provided in Brazil and to offer support to Brazilian customers and companies abroad, as well as to investors and foreign companies interested in Brazil, Bradesco has international operations with a presence in strategic locations such as Miami, New York, London, Luxembourg, and Hong Kong.