Bradesco: To efficiency and beyond?

This was the year that Bradesco absorbed HSBC’s Brazilian bank. 

The deal, valued at R$16 billion ($4.8 billion), added five million current account clients, around 22,000 employees, 851 branches and 448 ‘mini-branches’. However, the bank said it wanted to retain 100% of HSBC’s customers as well as target deal synergies of 30% of HSBC’s pre-merger expenses. 

“I think potentially those synergies will rise to above 40%,” says Alexandre Gluher, executive vice-president at Bradesco. “We completed the integration of HSBC in 2017, but it’s important to stress that the full adjustment will only be felt in the P&L in 2018.