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    1. Earthmoving

    Deere Banking JV Boosts Financing Options for Brazil

    Aug. 13, 2024
    The wholly owned subsidiary is named Banco John Deere.
    66bbb8466ecd27d68ffd61f2 Johndeerelogo

    Deere & Company has established a joint venture with Brazilian bank Bradesco to provide financing for agriculture and construction equipment in Brazil.

    The 50:50 JV, named Banco John Deere, is a wholly owned subsidiary of Deere.

    Under terms of the agreement, Bradesco, through its subsidiary Bradesco Holding de Investimentos, will invest in Banco John Deere. 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 user-friendly technology to meet the needs of customers and dealers more efficiently, according to Deere.

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    “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, in a statement. “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,” said José Ramos Rocha Neto, director VP for Bradesco. “We expect to amplify our financing and services options for customers and dealers of John Deere in Brazil.”