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Bradesco to acquire HSBC Brazil unit, biggest-ever buy| Reuters

Aug 03, 2015    

SAO PAULO Banco Bradesco SA agreed to buy HSBC Holdings Plc's Brazilian unit for a surprisingly high 17.6 billion reais ($5.2 billion), narrowing the gap with larger rivals while boosting its base of affluent customers in Latin America's largest economy.The deal between Bradesco and Europe's largest bank includes the latter's Brazilian retail banking and insurance units. The agreement, which still requires regulatory approval and was sealed on July 31, could close by June.The all-cash acquisition will allow Bradesco to close the asset gap with larger rivals Ita Unibanco Holding SA and state-c...

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