Banco Bradesco in Brazil has agreed to buy BAC Florida Bank in Coral Gables.
The $358 billion-asset Banco Bradesco said in a press release Monday that it will pay about $500 million in stock for the $2.2 billion-asset BAC Florida.
Bradesco said acquiring BAC Florida will allow it to provide more investment options in the United States to high-net-worth and affluent clients and more checking accounts, credit cards and real estate financing.
"Expanding our product and service offerings through BAC Florida is a way of being the preferred wealth management bank for our clients, who have increasingly demanded more diversification and greater access to global solutions," Octavio de Lazari, Bradesco’s CEO, said in the release.
Bradesco said it plans to retain BAC Florida's personnel and clients.
"Our clients and stakeholders will benefit by the expanded capabilities, resources and extensive product and geographic reach of Bradesco's platform," Julio Rojas, BAC Florida’s president and CEO, said in the release.
