HSBC Bank Brasil S.A. is a Brazilian subsidiary of the British banking group HSBC. In 2016, it sold its retail banking to Banco Bradesco, marking the end of the multinational's operations in the country. However, in 2019, HSBC returned to Brazil as a corporate bank and currently, the entity continues to operate in the country as an exclusively wholesale bank, that is, providing services only to companies.
HSBC established Banco HSBC Bamerindus SA to take over Banco Bamerindus do Brasil S.A. in March 1997 and the bank's name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999.[1] It was HSBC's lead regional subsidiary in South America and as such it was the regional reporting line for several other countries. It was sold to Bradesco in June 2016.[2]
History
The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and Midland Bank