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Bradesco confirms favoritism and acquires HSBC Brazil for US$ 5.2 Billion

Bradesco has confirmed its favoritism and, in the early hours of Monday, has formalized the acquisition ofย HSBC’s Brazilian operations, as highlighted by HSBC in its earnings report. The purchase was made for US$ 5.2 billion, or R$ 17.6 billion. The Brazilian central bank was notified last night of the transaction outcome. Thus, the amount to be paid by the national operation of the bank was well above the already rumored, US$ 4 billion. In recent weeks, the estimates for the business ranged between R$ 10 and R$ 12 billion.

Bradesco shares were down up to 3% on the Sรฃo Paulo stock exchange today on the news.

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2 responses to “Bradesco confirms favoritism and acquires HSBC Brazil for US$ 5.2 Billion”

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    […] joins HSBC in retreating from Brazil. HSBC announced at the end of 2015 that it sold its Brazilian operations to Bradesco. In a deal already approved by anti-trust authorities, ย Bradesco acquired HSBC in a move that […]

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  2. Barclays considering sale of investment banking business in Brazil – Easy Brazil Investing

    […] decision follows HSBC’s sale of its Brazilian unit to Bradesco, a Brazilian banking and financial services company, for ยฃ3.34bn ($5.07bn) in an […]

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