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HSBC the boys from Brazil

HSBC the boys from Brazil

(Brazil/UK) HSBC is reportedly about to buy the Brazilian operations of British bank Lloyds TSB for more than US$700 million. An announcement is expected within the next fortnight. If the deal goes through, the purchase will reinforce HSBC’s interest in the South and Central American markets.

The bank bought Mexican bank Grupo Financiero Bital for US$1.4 billion in 2002, and more recently acquired Bank of America’s Brazilian fund management operations.

Lloyds TSB, on the other hand, is focusing on shoring up its business in its home market, after having gone from Britain’s top bank to fifth largest in just five years.

The UK bank is looking to sell its interest in National Bank of New Zealand. ANZ remains the favourite to complete the purchase of the kiwi bank.

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