HSBC Bank (Brazil)
|André Brandão (Chairman)|
|Revenue||US$11.4 billion (2012)|
|US$595.7 million (2012)|
|Total assets||US$56.3 billion (2012)|
Number of employees
HSBC Bank Brasil S.A. - Banco Múltiplo was HSBC's bank in Brazil. In March 1997, HSBC established Banco HSBC Bamerindus SA was set up to take over Banco Bamerindus do Brasil S.A. The bank’s name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999. The headquarters are located in Curitiba. HSBC is now among the ten largest banks in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities. HSBC Bank Brazil is HSBC's lead regional subsidiary in South America, and as such is the regional reporting line for several other countries.
The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and Midland Bank opened offices there. What started as a 6.14 per cent shareholding in Banco Bamerindus do Brasil in 1995 led to the Group's acquisition of selected assets, liabilities, and subsidiaries of Banco Bamerindus do Brasil in 1997 and the establishment of Banco HSBC Bamerindus S.A. HSBC bought Banco Bamerindus from the Central Bank of Brazil, which had had to take it over. Banco Bamerindus had been established in 1952. By the time of its acquisition, Banco Bamerindus had almost 1,300 branches, plus insurance, leasing and securities businesses, among others.
In 2003, HSBC bought the Brazilian operations of Lloyds TSB, which included its corporate and wholesale operations, a small retail network, and Losango, a consumer finance business, as well as some offshore assets. The purchase price was US$815m.
On June 9, 2015, HSBC announced its intention to sell off the majority of its operations in Brazil, including personal banking, as part of a plan to cut 50,000 jobs worldwide.
- "HSBC says to sell Brazil unit to Bradesco for $5.2 billion". Reuters. 2015-08-03. Retrieved 2015-08-03.