Photo: Egberto Nogueira / Imã Foto galeria
Bradesco’s first international acquisition was announced this week: the bank has agreed (subject to regulatory approvals) to buy BAC Florida Bank for $500 million.
The acquisition is significant if not substantial; because while adding BAC’s US business won’t move the needle on Bradesco’s wealth management business in terms of assets under management (AUM), it provides important impetus to the international component of private banking in Brazil.
BAC Florida manages $1.8 billion compared with just over R$200 billion ($50 billion) of AUM at Bradesco private bank.
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