Brazilian lender Bradesco has agreed to acquire BAC Florida Bank, which specialises in serving non-resident HNWIs, in a deal worth around $500m.
According to Bradesco, the deal will support the expansion of its offering for wealthy customers in the US.
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The takeover is also said to facilitate the expansion of the Brazilian bank’s checking, credit card, real estate financing, corporate and institutional business services.
The deal is pending regulatory approvals.
Commenting on the purchase, Bradesco CEO Octavio de Lazari said: “Expanding our product and service offerings through BAC Florida is a way of being the preferred wealth management bank for our clients, who have increasingly demanded more diversification and greater access to global solutions.”
BAC Florida offers private banking, wealth management, corporate and institutional banking, real estate financing, personal and business banking as well as broker dealer services.
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By GlobalDataThe bank managed $2.23bn in assets at the end of December 2018 and has a client base of nearly 10,000.
Headquartered in Miami, the bank is a unit of business conglomerate Grupo Pellas.
BAC Florida co-chairman Carlos Pellas said: “We believe the transaction will continue to contribute to the success of our clients and the professional and personal development of BAC Florida team members.”
In 2016, Bradesco snapped up HSBC Brazil business.
