5 de novembro de 2020
FED approves Banco Bradesco’s acquisition of BAC Florida Bank
BAC Florida Bank, currently part of Nicaragua’s Grupo Pellas, is the fifth-largest South Florida community bank with $2.3 billion in assets. Launched in 1973, the bank, which has one branch in Miami-Dade County, has primarily focused on residential mortgages and diversified banking products to foreign nationals.
With 45 years of banking expertise, BAC Florida is headquartered in Coral Gables, Miami, U.S. 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 US$2,235 million, shareholders’ equity of US$205.9 million and net income of US$29.4 million. It currently has approximately 10,000 clients.
BAC Florida operates primarily in the following business areas: Private Banking & Wealth Management, Corporate & Institutional Banking and Real Estate Financing. It also provides Domestic Personal, Commercial and Digital Banking and operates a Broker Dealer.
The regulator reports Bradesco plans to retain BAC Florida Bank’s existing management.
The Fed reports at least one person objected to the acquisition during the proposal’s public comment period, arguing the transaction does not have a public benefit because Bradesco “plans to acquire BAC Bank to disproportionately serve affluent clients.” The commenter alleges there are disparities in the number of home loans BAC Florida Bank makes to white Miami residents versus Black and Hispanic residents.
Bradesco is Brazil’s third-largest banking and financial services company, with more than 71 million customers and $324 billion in assets.Last year, the company announced plans to acquire BAC Florida Bank in a share purchase deal valued at $500 million. BAC Florida CEO Julio Rojas said the transaction is expected to close in “the next few weeks.”
SOURCE:
https://www.bizjournals.com/southflorida/news/2020/10/08/regulator-approves-acquisition-of-bac-florida-bank.html
https://www.prnewswire.com/news-releases/bradesco-announces-the-acquisition-of-bac-florida-bank-in-the-us-300844300.html
http://www.bradescori.com.br