Banco Bradesco SA has embarked on its first-ever international acquisition by pa...
SAO PAULO - Banco Bradesco SA has embarked on its first-ever international acquisition by paying approximately $500 million to buy BAC Florida Bank, which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals.
Based in Coral Gables, BAC Florida is controlled by Grupo Pellas, which was founded in 1877 in Nicaragua. Bradesco Chief Executive Officer Octavio de Lazari said on a call with journalists that the Brazilian bank’s private banking clients have increasingly demanded diversification and greater access to global products.
Still, Lazari said Bradesco is not seeking to build a retail base outside Brazil, but wants to boost its private banking business, which manages nearly $50 billion in assets.“This acquisition is small for Bradesco and tends to help the bank to reduce the gap of its private banking business,” Itaú BBA said in a note to clients, estimating a 30 basis point impact on capital.
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