Banco Bradesco, S.A.NYSE
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.