Banco Bradesco, the third largest banking and financial services company in Brazil, agreed to acquire BAC Florida Bank, a bank in Coral Gables, Florida, for $500m. For Bradesco, the transaction has a strategic importance, as it will expand the offering of investments in the US 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. "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," Carlos Pellas, BAC Florida Co-Chairman.