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Bradesco's HSBC Brasil deal to generate $1.1 billion pre-tax savings
August 24, 2017 / 7:00 PM / a month ago

Bradesco's HSBC Brasil deal to generate $1.1 billion pre-tax savings

FILE PHOTO: The logo of Banco Bradesco is seen on a branch in Osasco financial centre, Brazil, August 3, 2015. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - Banco Bradesco SA’s acquisition of HSBC Bank Brasil Banco Múltiplo SA will have generated as much as 3.5 billion reais ($1.11 billion) in cost savings and synergies by the end of next year, Chief Financial Officer Alexandre Glüher said on Thursday.

Bradesco (BBDC4.SA), Brazil’s No. 3 listed bank by assets, expects to end capturing synergies from the purchase of the HSBC Holdings Plc’s subsidiary by the end of next year, Glüher said at an event with investors. The estimate for synergies is before taxes, Glüher added.

Bradesco paid about 16 billion reais for HSBC Bank Brasil, whose purchase was announced two years ago.

Reporting by Gabriela Mello; Writing by Guillermo Parra-Bernal; Editing by James Dalgleish

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