The central bank of the Brazil has approved private-sector lender Banco Bradesco’s acquisition of HSBC’s unit in Brazil.
Bradesco in its securities filing said that the central Bank approved the acquisition of 100% of the stock of HSBC Bank Brasil, Banco Multiplo and HSBC Servicos e Participacoes.
Go deeper with GlobalData
The $5.2bn all-cash deal, which was signed in August 2015, still requires approval from other regulatory agencies.
The sale is part of HSBC’s strategy to optimise its global network and reduce complexity.
Upon completion of the acquisition, Bradesco will be the second-largest bank in the South America.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
