LONDON—HSBC Holdings PLC agreed to sell its Brazilian business for $5.2 billion on Monday, the latest retreat from its onetime ambition to be “the world’s local bank.” HSBC said it entered an all-cash deal to sell the Brazilian unit to Banco Bradesco SA, leaving it with a small Mexican operation that will increasingly be focused on catering to companies conducting trade with the U.S. and Canada.” The...
Banco Bradesco has reached a deal with HSBC to purchase its unprofitable business in Brazil for $5.2bn. This is an all-cash deal that could be completed by June next year, leaving the bank with the Mexican business in Latin America that will increasingly focus on Northern American trade. Santander had also been interested in acquiring the unit.