HSBC Bank Brasil S.A.- Banco Multiplo
Encyclopedia
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
's bank in Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
. In March 1997, HSBC established Banco HSBC Bamerindus SA was set up to take over Banco Bamerindus do Brasil S.A. The bank’s name was changed to HSBC Bank Brasil S.A. - Banco Múltiplo in 1999. The headquarters are located in Curitiba
Curitiba
Curitiba is the capital of the Brazilian state of Paraná. It is the largest city with the biggest economy of both Paraná and southern Brazil. The population of Curitiba numbers approximately 1.75 million people and the latest GDP figures for the city surpass US$61 billion according to...
. HSBC is now among the ten largest banks in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities. HSBC Bank Brazil is HSBC's lead regional subsidiary in South America, and as such is the regional reporting line for several other countries.
History
The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and Midland BankMidland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
opened offices there. What started as a 6.14 per cent shareholding in Banco Bamerindus do Brasil in 1995 led to the Group's acquisition of selected assets, liabilities, and subsidiaries of Banco Bamerindus do Brasil in 1997 and the establishment of Banco HSBC Bamerindus S.A. HSBC bought Banco Bamerindus from the Central Bank of Brazil
Central Bank of Brazil
The Central Bank of Brazil is Brazil's monetary authority. It was established on December 31, 1964.The Central Bank is linked with the Ministry of Finance. Like other central banks, the Brazilian central bank is the principal monetary authority of the country...
, which had had to take it over. Banco Bamerindus had been established in 1952. By the time of its acquisition, Banco Bamerindus had almost 1,300 branches, plus insurance, leasing and securities businesses, among others.
In 2003, HSBC bought the Brazilian operations of Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
, which included its corporate and wholesale operations, a small retail network, and Losango, a consumer finance business, as well as some offshore assets. The purchase price was US$815m.