Bradesco Announces the Acquisition of BAC Florida Bank in the U.S.

SAO PAULO, May 6, 2019

SAO PAULO, May 6, 2019 /PRNewswire/ -- Bradesco announces its entry into an agreement to acquire BAC Florida Bank ("BAC Florida"), a Florida-state licensed bank specializing in providing financial services in the U.S., especially to non-resident high net worth individuals. With this transaction, Bradesco reiterates its commitment to creating long-term value for its shareholders and clients, by strengthening its operations in different markets.

The value of the transaction is approximately US$500 million and the transaction is subject to the approval of the competent regulatory authorities in Brazil and the U.S.

With assets of US$2.2 billion and shareholders' equity of US$206 million, BAC Florida operates in different business segments, including Private Banking & Wealth Management, Corporate & Institutional Banking, and Real Estate Financing. It also offers Personal, Business and Digital Banking, with clients in 49 U.S. states and operates a broker dealer.

"Expanding our product and service offerings through BAC Florida is a way of being the preferred wealth management bank for our clients, who have increasingly demanded more diversification and greater access to global solutions," says Octavio de Lazari, Chief Executive Officer of Bradesco.

For Bradesco the acquisition has a strategic importance, as it will expand the offering of investments in the U.S. to Bradesco's affluent and high net worth clients, as well as other banking services, such as checking account, credit card and real estate financing. Bradesco will also have the opportunity to expand business related to corporate and institutional clients.

"We are pleased to have reached this agreement with Bradesco. We believe the transaction will continue to contribute to the success of our clients and the professional and personal development of BAC Florida team members," said Carlos Pellas, Co-Chairman of BAC Florida.