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HSBC sells Brazil unit to Banco Bradesco

hsbcBrazil’s Banco Bradesco has received an approval from the country’s antitrust watchdog to purchase of HSBC’s local unit. HSBC’s exit is said due to the impact of state intervention in the sector since 2012, when Brazil’s government instructed state banks to aggressively cut borrowing costs. HSBC is planning to use proceeds from the sale to boost capital metrics and ensure the bank remains the biggest dividend payer among European banks. 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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