Bradesco Acquires Zogbi Financial Institutions.

Business Editors

SAO PAULO, Brazil--(BUSINESS WIRE)--Nov. 7, 2003

Banco Bradesco (NYSE:BBD) (Latibex:XBBDC) (BOVESPA:BBDC3, BBDC4) announced today that on November 6, 2003, it entered into a "Private Agreement for the Purchase of Equity Investments and Other Covenants" with the controlling shareholders of Banco Zogbi S.A. through its subsidiary Banco Finasa S.A. (Finasa), registered with the National Corporate Taxpayers' Registry under CNPJ 57.561.615/0001-04, for the purpose of acquiring all of its capital and that of the companies Promovel Empreendimentos e Servicos Ltda., Zogbi Leasing S.A. Arrendamento Mercantil and Zogbi Distribuidora de Titulos e Valores Mobiliarios Ltda. (Zogbi Institutions), for the amount of R$ 650 million.

The Zogbi Institutions have been operating with financing for the last 40 years, maintaining a strong presence in the areas of consumer finance, credit cards and automobile finance.

Thus, this acquisition represents an important strategic move by Bradesco in a segment with significant growth potential. The activities of the Zogbi Institutions strongly complement those developed by Finasa and the Postal Bank, and their integration will permit the strengthening of Bradesco, with immediate expansion in these segments throughout Brazil providing an opportunity for economy of scale and maximizing the return on investments of its shareholders.

In addition, the client base of Zogbi Institutions will enable Bradesco to increase the portfolio of retail products offered, ranging from checking account to insurance, pension plans and savings bonds.

On September 30, 2003, Zogbi Institutions summed Total Assets of R$ 833 million, Loan Portfolio of R$ 520 million, Shareholders' Equity of R$ 335 million. Zogbi Institutions also hold an excellent operating platform that includes:

-- 1,5 million active customers and around 4 million registered

customers;

-- 1,2 million cards;

-- 67 own stores for consumer financing and more than 11 thousand

affiliated establishments, enabled to operate in Direct

Consumer Credit (Credito Direto ao Consumidor - CDC) and Card

products;

-- Integrated operating systems, developed over the last 20 years

using a high technology platform, and, with strong growth

potential;

-- Group of professionals with solid knowledge in this market;

-- Strong experience in the concession of loans to low income

customers;

-- Operations concentrated in the State of Sao Paulo.

The operation is subordinated to the approval of the proper authorities and the conclusion of a due diligence during the month of November 2003.

All the services offered by the Zogbi Institutions to their customers will continue to be operated as usual.

For additional information, please contact Bradesco Investor Relations: Jean Philippe Leroy (Tel: [phone] or e-mail: [e-mail]) and Bernardo Garcia (Tel: [phone] or e-mail: [e-mail]).