Banco Bradesco completed the acquisition of the Brazilian unit of HSBC for $5.2bn.

Banco Bradesco, one of the biggest banking and financial services companies in Brazil, completed the acquisition of the Brazilian unit of HSBC for $5.2bn. "The sale of HSBC Brazil represents a significant step in HSBC’s stated goal to optimise its global network and reduce complexity. Based at 31 March 2016, the Transaction was expected to decrease Group risk-weighted assets by around $37bn and increase the Group’s common equity tier 1 ratio by c.65bps," HSBC.