Banco Bradesco S.A. enters into a share purchase agreement to acquire BAC Florida Bank
CORAL GABLES, Fla., May 6, 2019 /PRNewswire/ -- Banco Bradesco S.A. ("Bradesco") announces today to the market, its shareholders, clients and employees its entry into a share purchase agreement to acquire BAC Florida Bank ("BAC Florida") for cash (the "Transaction").
For Bradesco, the Transaction has a strategic importance, as it will expand the offering of investments in the U.S. to Bradesco's high net worth and affluent clients, as well as other banking services such as checking account, credit card and real estate financing. Bradesco will also have the opportunity to expand business related to corporate and institutional clients.
"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.
BAC Florida is well-known for its proven track record of providing diversified banking products to foreign nationals. For approximately 45 years, BAC Florida has demonstrated a deep understanding of the Latin American Region and an ability to deliver solutions to both its international and domestic client base.
"We are pleased to have reached this share purchase agreement with Bradesco. We believe Bradesco's acquisition of BAC Florida 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.
"We are pleased that Bradesco intends to maintain BAC Florida's current operations, clients, executives and personnel," added Alfredo Pellas, Co-Chairman of BAC Florida.
Utilizing BAC Florida's existing strong platform, Bradesco plans to retain BAC Florida's personnel and clients, and to expand its operations and products to Bradesco's existing customers.
Florida is a strategic market for Bradesco's expansion plans, as it is an important financial hub for Brazilian, Latin American and local clients. The size of the market, logistical convenience and time zone (among other considerations) make it an attractive and logical geography for Bradesco's expansion plans.
"We are excited to be part of Bradesco, one of the region's largest Banks and a leading financial institution in several fronts. Our clients and stakeholders will benefit by the expanded capabilities, resources and extensive product and geographic reach of Bradesco's platform," said Julio Rojas, President and Chief Executive Officer of BAC Florida.
The closing of the Transaction is subject to regulatory approvals and the satisfaction of certain customary closing conditions.
About Banco Bradesco S.A.
Bradesco is the third largest banking and financial services company in Brazil with over 4,600 branches, serving over 71 million customers, for which a broad portfolio of products and services are available, including Bradesco's strong digital channel platform. In addition to Bradesco's bank franchise, Bradesco owns one of the largest insurance companies and brokerage houses in Brazil. Banco Bradesco has over 75 years of history and is supported by an international platform with operations in Hong Kong, New York, London, Mexico and Buenos Aires. Banco Bradesco shares are listed on the Brazilian Stock Exchange, the New York Stock Exchange (NYSE) as ADRs and the Madrid Stock Exchange (Latibex). Also, Bradesco is among the 20 largest listed banks in the world in terms of market cap (US$67.8 billion as of May 2nd, 2019). Bradesco through its Foundation also promotes inclusion and social development through education, culture and sports.
As of December 31st, 2018, Bradesco posted total assets of US$357.6 billion, shareholders' equity of US$31.3 billion and net income of US$5.9 billion.
For additional information, please visit www.bradescori.com.br/
About BAC Florida
BAC Florida is headquartered in Coral Gables, Florida, U.S.A. (within the Miami metropolitan area) and has over 45 years of banking expertise in the United States. BAC Florida services its customers both domestically and internationally, providing a wide array of banking and financial products and services to individuals, corporations and institutions, including Real Estate Financing, Corporate and Institutional Banking, Private Banking and Wealth Management, Personal, Business and Digital Banking, and Broker Dealer. In addition, BAC Florida has long-standing relationships with high net worth foreign nationals, to whom it provides financial services including U.S. Residential Real Estate Financing.
BAC Florida is part of Grupo Pellas, a business conglomerate with over 140 years of history with operations in 10 countries employing over 20,000 people.
As of December 31st, 2018, BAC Florida posted total assets of US$2,235 million, shareholders' equity of US$205.9 million and net income of US$29.4 million.
Additional Information
With this Transaction, Bradesco reiterates its commitment to creating long-term value to its shareholders and clients and its confidence in the financial services industry, and strengthens its strategy of being the preferred wealth manager for high net worth and affluent clients in the region.
Bradesco supports BAC Florida's community reinvestment program, and both Bradesco and BAC Florida are committed to helping enrich and further grow the communities in which we operate.
Banco Bradesco BBI S.A. acted as financial advisor and Shearman & Sterling LLP acted as outside legal counsel to Bradesco in connection with the Transaction. Sandler O'Neill & Partners, L.P. served as financial advisor to BAC Florida and its controlling shareholders. Hughes Hubbard & Reed and Avila Rodriguez Hernandez Mena & Ferri, LLP (ARHMF) served as legal advisor to BAC Florida shareholders and BAC Florida, respectively.
For further information:
BAC Florida Bank: Julio Rojas, President and Chief Executive Officer, please contact at [email protected]
Banco Bradesco S.A.: Public Relations Department, please contact at [email protected]
SOURCE BAC Florida Bank
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