HSBC's $5.2bn sale of its Cade unit to Banco Bradesco is to be probed deeper by the Cade's antitrust regulator, Brazil, which is investigating the effects the deal will have on competition in the banking industry. Bradesco's agreement to buy HSBC's Cade unit was its largest acquisition ever, adding 850 branches and $45bn in assets after it lost market share to federally controlled Banco do Brasil and Caixa Economica Federal.
HSBC's $5.2bn sale of its Brazil unit to Banco Bradesco is to be probed deeper by the Brazil's antitrust regulator, Cade, which is investigating the effects the deal will have on competition in the banking industry. Bradesco's agreement to buy HSBC's Brazil unit was its largest acquisition ever, adding 850 branches and $45bn in assets after it lost market share to federally controlled Banco do Brasil and Caixa Economica Federal.