HSBC Bank (Brazil)
 | |
| Subsidiary | |
| Industry | Finance |
| Founded | 1952 |
| Headquarters | Curitiba, Brazil |
Key people | André Brandão (Chairman) |
| Products | Financial services |
| Revenue |
 US$11.4 billion (2012) |
|
US$595.7 million (2012) | |
| Total assets |
US$56.3 billion (2012) |
Number of employees | 28,000 |
| Parent | HSBC |
| Website |
www |
HSBC Bank Brasil S.A. - Banco Múltiplo is HSBC's bank in Brazil. In March 1997, HSBC established Banco HSBC Bamerindus SA was set up to take over Banco Bamerindus do Brasil S.A. The bank’s name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999. The headquarters are located in Curitiba. HSBC is now among the ten largest banks in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities. HSBC Bank Brazil is HSBC's lead regional subsidiary in South America, and as such is the regional reporting line for several other countries.
History
The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and Midland Bank opened offices there. What started as a 6.14 per cent shareholding in Banco Bamerindus do Brasil in 1995 led to the Group's acquisition of selected assets, liabilities, and subsidiaries of Banco Bamerindus do Brasil in 1997 and the establishment of Banco HSBC Bamerindus S.A. HSBC bought Banco Bamerindus from the Central Bank of Brazil, which had had to take it over. Banco Bamerindus had been established in 1952. By the time of its acquisition, Banco Bamerindus had almost 1,300 branches, plus insurance, leasing and securities businesses, among others.
In 2003, HSBC bought the Brazilian operations of Lloyds TSB, which included its corporate and wholesale operations, a small retail network, and Losango, a consumer finance business, as well as some offshore assets. The purchase price was US$815m.
On 9 June 2015, HSBC announced its intention to sell off the majority of its operations in Brazil, including personal banking, as part of a plan to cut 50,000 jobs worldwide and on 3 August 2015 HSBC sold operations in Brazil to Banco Bradesco for $5.2 billion.[1] As of February 2016 the sale is pending approval and is expected to be closed in the second quarter of 2016.[2]
See also
References
- ↑ "HSBC says to sell Brazil unit to Bradesco for $5.2 billion". Reuters. 2015-08-03. Retrieved 2015-08-03.
- ↑ "HSBC Bank Brasil S.A. - Banco Múltiplo". BNamericas. Retrieved 2016-02-28.
External links
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