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.
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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.
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