The Traderszone Network

Published in TZ Latest News 2 August, 2015 by The TZ Newswire Staff

HSBC selling unprofitable Brazil unit to Bradesco for $5.2 billion

HSBC Holdings Plc (HSBA.L) agreed to sell its Brazilian unit to Banco Bradesco SA (BBDC4.SA) for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe’s No. 1 bank said in a statement on Monday that the accord with Bradesco includes the disposal of the HSBC Bank Brasil SA Banco Múltiplo and the HSBC Serviços e Participações Ltda units. Reuters reported on July 20 that Bradesco had entered exclusive talks with HSBC after offering to pay about 12 billion reais, or 1.2 times book value, for HSBC Brasil.