HSBC Said Ready to Pick Buyer for $4 Billion Brazil Arm in June

HSBC Holdings Plc will probably select a preferred bidder for its unprofitable Brazilian unit as early as mid-June in a sale that may raise about $4 billion, said two people with knowledge of the plan.

Banks interested in the operation include Brazil’s Banco Bradesco SA and Grupo BTG Pactual, Spain’s Banco Santander SA and Bank of Nova Scotia from Canada, said the people, who asked not to be identified because the details are private. Industrial & Commercial Bank of China and China Construction Bank Corp. are also assessing the deal, one person said. The sales document was sent to bidders about two weeks ago, according to the people.