SAO PAULO, May 6, 2019 /PRNewswire/ -- Bradesco announces its entry into an agreement to acquire BAC Florida Bank ("BAC Florida"), a Florida-state licensed bank specializing in providing financial services in the U.S., especially to non-resident high net worth individuals. With this transaction, Bradesco reiterates its commitment to creating long-term value for its shareholders and clients, by strengthening its operations in different markets.
The value of the transaction is approximately US$500 million and the transaction is subject to the approval of the competent regulatory authorities in Brazil and the U.S.
With assets of US$2.2 billion and shareholders' equity of US$206 million, BAC Florida operates in different business segments, including Private Banking & Wealth Management, Corporate & Institutional Banking, and Real Estate Financing. It 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," says Octavio de Lazari, Chief Executive Officer of Bradesco.
For Bradesco the acquisition has a strategic importance, as it will expand the offering of investments in the U.S. to Bradesco's affluent and high net worth 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.
"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.
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.
About BAC Florida
With 45 years of banking expertise, BAC Florida is headquartered in Coral Gables, Miami, U.S. It is part of Grupo Pellas, a business conglomerate with over 140 years of history and operations in 10 countries. 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. It currently has approximately 10,000 clients.
BAC Florida operates primarily in the following business areas: Private Banking & Wealth Management, Corporate & Institutional Banking and Real Estate Financing. It also provides Domestic Personal, Commercial and Digital Banking and operates a Broker Dealer.
The North American bank has clients in the domestic and international markets. In addition, it has strong relationships with high net worth foreign nationals, to whom it provides financial services including Real Estate Financing.
For further information:
Bradesco Public Relations Department
55 11 36845899/ 55 11 36842776
Bradesco Investor Relations Department
SOURCE Banco Bradesco S.A.