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. The bank will pay $US1.3bn (£960m) and take over the Brazilian operations of HSBC's US operations. Santander had also been interested in acquiring the unit.