Transaction Allows Expansion of Its Business to High Net
Worth and Affluent Clients in The U.S.
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
imprensa@bradesco.com.br
Bradesco Investor Relations
Department
www.bradescori.com.br