By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Brazil’s second largest private bank, Bradesco, has announced it has purchased HSBC’s operations in Brazil for R$17.6 billion (US$5.186 billion). Although the purchase will include most of HSBC’s business in Brazil, the foreign financial institution has said that it plans to maintain a small presence in the country to serve corporate clients. With the purchase, Bradesco will narrow the difference between itself and Brazil’s largest private bank, Itau-Unibanco.
“Bradesco will take over all operations of HSBC in Brazil, including retail, insurance . . .