May 6, 2019
Brazilian financial giant Banco Bradesco S.A. has agreed to buy BAC Florida Bank from Managua, Nicaragua-based Grupo Pellas for $500 million.
According to a press release, Coral Gables-based BAC Florida provides private banking, wealth management and real estate financing to clients in 49 U.S. states through its digital banking arm.
The acquisition of BAC will enable Bradesco to expand its offering to high net worth individuals and expand its checking, credit card and real estate financing services. The bank said that it will also expand its corporate and institutional business through the acquisition.
"Expanding our product and service offerings through BAC Florida is the way of being the preferred wealth management bank for our clients, who have increasingly demanded more diversification and greater access to global solutions," Bradesco CEO Octavio de Lazari said in the release.
BAC Florida announced in April that it had joined Capital & Credit Risk Manager, a global fintech platform to enable trade finance and institutional banking for the buying and selling of trade assets.
Topics: Mobile Banking, Region: Americas
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