Banco Bradesco (Banco Brasileiro de Descontos; Bradesco Bank) is the largest private Brazil; it has more than 2,600 branches. Banco Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football club affinity cards for soccer fans) and free Internet access for customers. The bank also provides personal and commercial loans, as well as leasing services. Internationally, Bradesco has branches in New York, Grand Cayman and Nassau, and banking or financial subsidiaries or affiliates in Nassau, Luxembourg, Buenos Aires, Grand Cayman and Tokyo.
Banco Bradesco is constantly expanding and has recently acquired Banco do Estado do Maranhão, Banco Mercantil de São Paulo, and the Brazilian operations of Banco Bilbao Vizcaya Argentina and J.P. Morgan Fleming Asset Management. It is listed on the New York Stock Exchange (symbol BBD).
History
1943: Banco Brasileiro de Descontos founded in the city of Marília in the state of São Paulo. Its founders target small landowners, retailers, and government employees.
1946: Bradesco moved its headquarters to the city of São Paulo.
1951: Bradesco grows to become the largest private bank in Brazil.
1970s: Bradesco acquires 17 banks throughout the country.
2000: Banco Bradesco Argentina commences operations in Buenos Aires. Bradesco Securities commences operations in New York.
2003: Bradesco buys BBVA's Brazilian subsidiary. BBVA had bought Banco Excel-Econômico in 1998 for one real (roughly USD 0,3), but sold it in 2003 to Bradesco because it realized that it would be too expensive to achieve a profitable scale. As part of the sale price, BBVA received a small equity stake in Bradesco.
Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco.
Banco Bradesco is constantly expanding and has recently acquired Banco do Estado do Maranhão, Banco Mercantil de São Paulo, and the Brazilian operations of Banco Bilbao Vizcaya Argentaria (BBVA) and J.P. Morgan Fleming Asset Management.
Bradesco's stock is traded on Bovespa, where it is part of the Ãndice Bovespa.
Banco Bradesco SA said the deal represents an important strategic move to boost its share of the thriving and competitive Brazilian credit-card market.
Bradesco also will get American Express Co.'s Brazilian insurance and travel agency businesses, but the company's Travelers Cheques operation is not included, the companies said in a statement.
Bradesco's American depository shares fell 49 cents to close at $40.15 on the New York Stock Exchange but remained close to the 52-week-high of $43.81.
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