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Bradesco gets approval to buy HSBC unit

News Updates 10 June 2016_html_5d6a29efBrazil’s antitrust watchdog Cade has approved the purchase of HSBC’s Brazilian unit by Banco Bradesco. Cade has stipulated that Bradesco would refrain from making any rival acquisitions for at least 30 months. Bradesco had made the purchase of HSBC Bank Brasil Banco Múltiplo in August 2015 at a value of $5.2 billion. The transaction will help Bradesco cut the gap with state-controlled Banco do Brasil and Caixa Econômica Federal and private-sector rival Itau Unibanco Holding. The deal is the largest in Bradesco’s 75-year history. Bradesco expects to finalize the integration of HSBC’s 851 branches, 5 million clients and over 19,000 employees by October.

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