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RETAIL BANKING, WHOLESALE BANKING | Staff Reporter, Hong Kong
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HSBC clinches regulatory approval for US$5.2b sale of Brazil business to Bradesco

The transaction would generate a gain of US$600m.

The sale of HSBC's Brazilian subsidiaries to Banco Bradesco has been unanimously approved by the Brazilian Administrative Council for Economic Defence, the country's competition watchdog.

The sale of HSBC Brazil will be sealed with an all cash consideration of US$5.2 billion. HSBC estimates that the transaction would generate a sale gain net of tax and transaction costs of around US$600 million before the recycling of foreign exchange losses previously recognised in other comprehensive income.

After the recycling of foreign exchange losses, there would be an accounting loss on sale of c.US$1.7bn.

Bradesco and HSBC plan to complete the Transaction early in July.
 

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