Deals
Bradesco Agrees to Buy HSBC’s Brazil Unit for $5.2 Billion
HSBC Profit Jumps 18 Percent as it Shifts Focus to Asia
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Banco Bradesco SA agreed to buy HSBC Holdings Plc’s money-losing Brazil unit for $5.2 billion in cash, its biggest acquisition ever and more than some analysts had estimated. Bradesco’s shares slumped.
With the purchase, Bradesco’s assets will increase by about 16 percent to 1.19 trillion reais ($345 billion), the Osasco, Brazil-based lender said in a statement Monday. Itau Unibanco Holding SA and Banco Santander Brasil SA had also offered to buy the HSBC business.