HSBC Bank Brasil S.A. - Banco Múltiplo is subsidiary of

Banco Bradesco Banco Bradesco S.A. is a Brazilian financial services company headquartered in Osasco, in the state of São Paulo, Brazil. It is the third largest banking institution in Brazil, as well as the third largest in Latin America, and the seventy-nint ...

in Brazil.

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

established Banco HSBC Bamerindus SA to take over Banco Bamerindus do Brasil S.A. in March 1997 and the bank’s name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999. It was HSBC's lead regional subsidiary in South America and as such it was the regional reporting line for several other countries. It was sold to Bradesco in June 2016. The bank is among the ten largest in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities. The headquarters are located in

Curitiba Curitiba () is the capital and largest city in the state of Paraná (state), Paraná in Brazil. The city's population was 1,948,626 , making it the List of cities in Brazil by population, eighth most populous city in Brazil and the largest in ...

History

The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and

Midland Bank Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. It ...

opened offices there. What started as a 6.14 per cent shareholding in

Banco Bamerindus do Brasil Banco may refer to: Places * Banc (Barcelona Metro), also called Banco, a closed metro stop on the Barcelona metro * Banco, Virginia, an unincorporated community * Banco, West Virginia, an unincorporated community * Banco National Park, a natio ...

in 1995 led to the Group's acquisition of selected assets, liabilities, and subsidiaries of Banco Bamerindus do Brasil in 1997 and the establishment of Banco HSBC Bamerindus S.A. HSBC bought Banco Bamerindus from the

Central Bank of Brazil The Central Bank of Brazil ( pt, Banco Central do Brasil) is Brazil's central bank. It was established on Thursday, 31 December 1964, a New Year's Eve. The bank is not linked to any ministry, currently being autonomous. Like other central banks, ...

, which had had to take it over. Banco Bamerindus had been established in 1952. By the time of its acquisition, Banco Bamerindus had almost 1,300 branches, plus insurance, leasing and securities businesses, among others. In 2003, HSBC bought the Brazilian operations of

Lloyds TSB Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exten ...

, which included its corporate and wholesale operations, a small retail network, and Losango, a consumer finance business, as well as some offshore assets. The purchase price was US$815m. On 9 June 2015, HSBC announced its intention to sell off the majority of its operations in Brazil, including personal banking, as part of a plan to cut 50,000 jobs worldwide and on 3 August 2015 HSBC sold operations in Brazil to

for $5.2 billion. The sale was approved on 8 June 2016 and transfer of customers was expected in October 2016.

References

External links

HSBC Bank Brasil website
Companies based in Curitiba

Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

Banks established in 1952 1952 establishments in Brazil Brazilian subsidiaries of foreign companies {{Brazil-econ-stub

History

See also

References

External links