Boston, MA 12/19/2013 (wallstreetpr) – Banco Bradesco SA (ADR) (NYSE:BBD) is Brazil’s second-largest lender by asset-base. The company has domestic and international operations in Latin America region and beyond. Like most Brazilian banks, BBD offers a wide range of banking and non-banking financial services. Its operations can be seen in deposit taking, credit services, mortgage financing and a wide range of card services.
In 2010 the bank extended its card services to Mexico with the acquisition of IBI Mexico. It paid about $130 million for the company which administers consumer finance.
Through this acquisition, BBD has gained considerable experience in Mexico’s banking and financial operations. Due to this, the bank is seen abandoning its earlier position to manage its Mexico operations from its offices in Brazil.
Banco Bradesco SA (ADR) (NYSE:BBD) is now seeking authorization from the central bank of Mexico to establish a branch in the country. If this request is granted, the bank could start operating its Mexico branch by early next year.
The branch in Mexico is expected to offer a variety of financial services to Brazilian firms in the country. Later on these services can be extended to other clients.
The details about the progress of Banco Bradesco SA (ADR) (NYSE:BBD)’s branch request in Mexico are still scant but given that plans to open the branch are set for next year, we can expect some reports concerning the same either from the bank itself or the Mexican side in the coming weeks.
Operating a branch in Mexico will not only bring in more revenue to the bank, it will also help it expand its operations to more international markets.
As at the moment, Banco Bradesco SA (ADR) (NYSE:BBD) has also set its target for a new branch in London. The London operation will be part of the bank’s Luxembourg-based unit.
The market values BBD at about $52 billion and the bank company has about 4.2 billion shares outstanding. The stock currently trades around $12.59 per share.
