November 9, 2020 — In 2019, an HHR Latin America team represented the shareholders of BAC Florida Bank in negotiating and executing a stock purchase agreement for the sale of the Coral Gables-based bank to Brazil’s Banco Bradesco for a minimum price of $500 million. 

Since the stock purchase agreement was executed, the sale has been subject to regulatory approval. The Federal Reserve and other banking regulators approved the sale in early October, and on Oct. 30, respectively. 

Bradesco completed its first-ever acquisition in the U.S. market.  BAC will now operate as a unit of Bradesco’s subsidiary Lecce Holdings SA. The Brazilian lender plans to expand investment offerings in the United States to BAC’s affluent clients, as well as other banking services such as checking accounts, credit cards and real estate financing. Bradesco also plans to retain BAC’s existing management.

Bradesco is Brazil’s third-largest banking and financial services company, with more than 71 million customers and $324 billion in assets.

Founded in 1973 and previously part of Nicaragua’s Grupo Pellas, BAC is the fifth-largest community bank in South Florida, with $2.3 billion in assets. BAC is known for providing residential mortgages and diversified banking products to foreign nationals. Its sale adds 10,000 customers to Bradesco’s 13,000 private banking clients in Brazil.

Ruben Diaz led the team, which also included Freddie Goudie and Francesca Ferraresi.