Bradesco expands into US with $500mn BAC Florida Bank acquisition
São Paulo-based banking and financial services leader Bradesco announced today its acquisition of BAC Florida Bank. The purchase will allow Bradesco to expand its operations in the US, particularly serving high net worth and affluent clients, which BAC Florida Bank specializes in.
According to Bradesco, the bank will pay a cash consideration of approximately US$500mn for BAC Florida Bank, which currently has assets of US$2.2bn and shareholders' equity of US$206mn. The US bank operates in different business segments, including Private Banking & Wealth Management, Corporate & Institutional Banking, and Real Estate Financing. The company also offers Personal, Business and Digital Banking, with clients in 49 U.S. states and operates a broker dealer.
"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," said Octavio de Lazari, Chief Executive Officer of Bradesco.
"We are pleased to have reached this agreement with Bradesco. 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," said Carlos Pellas, Co-Chairman of BAC Florida.