British banking giant HSBC is expected to pick buyer for its unprofitable Brazilian banking unit in mid-June 2015.
The sale is expected to nearly $4bn HSB, Bloomberg reported citing two people with knowledge of the plan.
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Brazil’s Banco Bradesco and Grupo BTG Pactual, Spain’s Banco Santander and Bank of Nova Scotia from Canada are vying the unit, the report added.
Industrial & Commercial Bank of China (ICBC) and China Construction Bank are also assessing the deal, said the publication.
HSBC CEO Stuart Gulliver has previously indicated Brazil, Mexico, Turkey and the US as potential markets to exit as he looks for ways to cut costs and increase earnings.
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