Bradesco $5.186 billion acquisition of HSBC Bank Brasil Banco Múltiplo

Overview:

• Banco Bradesco has acquired HSBC Bank Brasil Banco Múltiplo (HSBC Holdings' Brazil subsidiary) for $5.186 billion in an all-cash acquisition.
• The deal includes 851 branches, 5 million clients and over 19,000 employees.
• This is notable because it represented a Brazilian bank acquiring the assets of a foreign bank.
• It has also further consolidated the banking sector in Brazil.
• The deal is an attempt by Banco Bradesco to bridge the gap to Brazil's three biggest banks - Banco do Brasil, Caixa Econômica Federal and Itaú Unibanco.

Rani Mehta - Journalist