- The money-losing unit (for HSBC at least) is expected to sell for $3.2B-$4B, according to Bloomberg. Helping making Bradesco (NYSE:BBD) a more likely buyer than a foreign bank like Santander are the ease with which it could win approval and integrate the business.
- A purchase would add the country's 7th-largest bank to Bradesco's operation, but wouldn't be enough to push it past Itau Unibanco as Brazil's largest. Itau also made an offer for the HSBC operation, but - already being the nation's largest bank - had less interest than Bradesco.
- Previously: HSBC to cut thousands of jobs, slash billions from costs (June 9)