Hit by poor results, HSBC quits Brazil in $5.2bn deal

‘Europe’s biggest bank, HSBC, has sold its business in Brazil to Banco Bradesco SA. The UK-headquartered bank’s decision came after years of disappointing results in the world’s second-biggest emerging market.

Entering the Brazilian market in the 1990s, HSBC failed to overcome the challenge posed by the country’s biggest banks: Itau, Bradesco and Banco do Brasil.

HSBC has 854 branches in Brazil, employing 21,000 people. The bank’s assets in the country are estimated at about $50 billion.’

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