Aug. 3, 2015, 3:00 AM
- In another retreat from the emerging markets, HSBC (NYSE:HSBC) declared it would sell its Brazilian business to Bradesco (NYSE:BBD) for $5.2B, after years of feeble performance.
- The news came with the bank's second-quarter results. Profit for the period fell 4% to $4.4B as HSBC continued to overhaul its operations in an effort to cut billions in annual costs by the end of 2017.
Banco Bradesco SA operates as an international bank. It offers banking and financial products and services. The company operates through two segments: Banking, and Insurance, Pension & Capitalization Bonds. The Banking segment includes individuals and small, midsized, and large companies in... More
Industry: Foreign Regional Banks