The news was announced as HSBC, Europe’s largest bank, released its interim financial figures to shareholders. Pre-tax profit was up 10% to $13.6 billion from $12.3 billion.
HSBC’s sale was seen as a tactical retreat from the second-largest emerging market as it tries to reduce its global cost base.
The Brazilian HSBC unit employs over 20,000 people.
Purchaser Banco Bradesco is the second largest private institution in Brazil and this latest deal means that it is getting closer to the size of its main rival Itaú, which currently is the country’s largest bank with assets of around $350 billion.
Observers said that as well as Banco Bradesco, Santander Brasil was also interested in buying the HSBC subsidiary.
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Photo: “Bradesco” by Source