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Bradesco Acquires BAC Florida Bank in USD 500m Deal.


8 May 2019 - Brazilian financial services company Bradesco (NYSE: BBD) has entered an agreement to acquire Florida, US-state licensed bank BAC Florida Bank, the company said.

BAC Florida Bank specialises in providing financial services in the US, especially to non-resident high net worth individuals.

With this transaction, Bradesco reiterates its commitment to creating long-term value for its shareholders and clients, by strengthening its operations in different markets.

The value of the transaction is approximately USD 500m and the transaction is subject to the approval of the competent regulatory authorities in Brazil and the US.

With assets of USD 2.2bn and shareholders' equity of USD 206m, BAC Florida operates in different business segments, including Private Banking and Wealth Management, Corporate and Institutional Banking, and Real Estate Financing.

It also offers Personal, Business and Digital Banking, with clients in 49 US states and operates a broker dealer.

For Bradesco the acquisition has a strategic importance, as it will expand the offering of investments in the US to Bradesco's affluent and high net worth clients, as well as other banking services, such as checking account, credit card and real estate financing.

Bradesco will also have the opportunity to expand business related to corporate and institutional clients.

About BAC Florida

With 45 years of banking expertise, BAC Florida is headquartered in Coral Gables, Miami, US.

It is part of Grupo Pellas, a business conglomerate with over 140 years of history and operations in 10 countries.

As of December 31st, 2018, BAC Florida posted total assets of USD 2,235m, shareholders' equity of USD 205.9m and net income of USD 29.4m.

It currently has approximately 10,000 clients.

Banco Bradesco BBI S.A. acted as financial advisor and Shearman and Sterling LLP acted as outside legal counsel to Bradesco in connection with the transaction. Sandler O'Neill and Partners, L.P. served as financial advisor to BAC Florida and its controlling shareholders.

Hughes Hubbard and Reed and Avila Rodriguez Hernandez Mena and Ferri, LLP (ARHMF) served as legal advisor to BAC Florida shareholders and BAC Florida, respectively.

Country: USA

Sector: Banking/Financial Services

Target: BAC Florida Bank

Buyer: Bradesco


Deal size in USD: 500m

Type: Corporate Acquisition


Status: Agreed

Buyer advisor: , ,


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Publication:M & A Navigator
Geographic Code:1U5FL
Date:May 8, 2019
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