05.08.2015 @ 15:58

Banco Bradesco Buys HSBC Brazilian Subsidiary

BradescoBanco Bradesco has acquired the Brazilian banking unit of HSBC for £5.2 billion.

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.

About allpago 

allpago international is the leading payment provider for the LATAM region. allpago provides the most relevant local payment methods through one API and one single platform. Allpago offers the best conversion rates ensuring state-of-the-art technology and legal advice necessary for a successful e-Commerce operation in Latin America.

allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the Latin American market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Norton Symantec, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.

Reference: AméricaEconomía

Photo: “Bradesco” by Source

This site uses cookies. By continuing to browse the site you are agreeing to our privacy policy.

OK