HSBC Bank (Brazil)
| File:HSBCinBrazil(June2014).jpg | |
| Company type | Subsidiary |
|---|---|
| Industry | Finance |
| Founded | 1952 |
| Headquarters | São Paulo, Brazil |
Key people | Alexandre B.C. Guião (Chairman) |
| Products | Financial services |
| Revenue | Decrease US$11.4 billion (2012) |
| Decrease US$595.7 million (2012) | |
| Total assets | Decrease US$56.3 billion (2012) |
Number of employees | 28,000 |
| Parent | HSBC Holdings plc |
| Website | www |
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HSBC Bank Brasil S.A. operates as a Brazilian branch of the UK-based banking conglomerate HSBC. After divesting its retail banking segment to Banco Bradesco in 2016, HSBC exited the Brazilian retail market. The group re-established its footprint in Brazil in 2019, now concentrating solely on corporate banking services and functioning exclusively as a wholesale bank catering to business clients.
The institution originated as Banco HSBC Bamerindus SA in 1997 following the acquisition of Banco Bamerindus do Brasil S.A. It was rebranded to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999 and served as HSBC's primary South American entity, managing operations across multiple nations until its divestiture to Bradesco in June 2016.
History
HSBC's Brazilian operations trace back to 1976 through affiliations with Samuel Montagu and Midland Bank. The bank acquired a 6.14% equity interest in Banco Bamerindus do Brasil in 1995 and subsequently took control of selected assets and subsidiaries from Banco Bamerindus via the Central Bank of Brazil in 1997, resulting in the creation of Banco HSBC Bamerindus S.A. At that time, Banco Bamerindus, established in 1952, maintained a network of approximately 1,300 branches and offered a broad range of financial services.
In 2003, HSBC broadened its Brazilian operations by acquiring Lloyds TSB’s business units within the country. This purchase included corporate and wholesale banking divisions, a modest retail branch network, the consumer finance company Losango, as well as offshore holdings, for a transaction value of US$815 million.
On 9 June 2015, HSBC declared its intention to divest most of its Brazilian assets as part of a global workforce reduction plan involving 50,000 job cuts. Subsequently, on 3 August 2015, an agreement was reached to sell these operations to Banco Bradesco for $5.2 billion. The transaction received regulatory approval on 8 June 2016, with customer transitions scheduled for completion by October of that year.