HSBC announced on Monday (3) which sold its Brazilian subsidiary to Banco Bradesco in an operation that generated US $ 5.2 billion, equivalent to R $ 17.6 billion.
With operation, Bradesco slope in its biggest competitor, Itaú, the largest private bank in Brazil with R $ 1.20 trillion assets.
According to a statement of Bradeso with the acquisition the bank will take all of HSBC’s operations in Brazil, including retail, insurance and asset management, as well as all agencies and clients.
The HSBC will maintain its presence in Brazil for big companies.
Bradesco reports that HSBC customers will continue to be met “as usual” and, upon completion of the transaction, they will rely on all products, services and facilities offered by Bradesco.
“The acquisition will provide several benefits to customers of both institutions, such as increasing the coverage and service network throughout the country and access to products distributed by both institutions,” said a statement from Bradesco.
The sale of a subsidiary to Bradesco “is an important step in implementing the measures announced to shareholders on June 9,” said HSBC in a statement.
The president of Bradesco, Luiz Carlos Trabuco had announced on June 17 that the bank would make a binding offer for the Brazilian unit of HSBC in July . According to Reuters, the dispute by HSBC in Brazil has advanced rapidly since the plans of the institution were announced.
The transaction has yet to be approved by regulators.
HSBC
HSBC Brazil now has 5 million account holders and is installed in 529 cities. Are 851 branches, 464 service points, 669 electronic service stations, 1,809 self-service environments and 4,728 ATMs.
After several scandals and poor financial results, HSBC, Europe’s biggest bank, announced in June to dismissal of 50,000 employees in a global restructuring plan that includes the sale of its activities in Brazil and Turkey.
In the first half, HSBC posted a net profit of $ 9.618 billion, 1.31% less than in the same period of 2014. Second-quarter net profit fell 3.8% to $ 4.359 billion.
The fall of income was caused mainly by total operating costs, which in first half increased 5% compared to the same period in 2014, the 19.187 billion dollars.
The HSBC attributed the increase to “investments for future growth” and legal expenses to address disputes with the regulatory authorities in the UK and other countries.
In addition, taxes paid by HSBC in Britain reached US $ 2.9 billion, an increase of 44% annual rate.
Bradesco
The bank Bradesco reached its highest quarterly profit in history, according to a survey of Economatica. The financial institution said it recorded net income of R $ 4.473 billion in the second quarter of 2015, after reaching R $ 4.244 billion in the previous three months – an increase of 5.4%. In comparison with the same period last year, profit showed growth of 18.4%.
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