Banco Bradesco SA purchased both HSBC Bank Brasil SA - Banco Multiplo and HSBC Servicios e Participacoes Ltda, known collectively as ‘HSBC Brazil’, for approximately £4.02bn.

HSBC said the sale would streamline its global network by reducing complexity, though the bank has maintained a presence in Brazil to serve the international needs of large corporate clients.

The purchase was initially agreed upon in August 2015.

HSBC received all the necessary approvals for the sale on 8th June 2016 and the transaction was completed earlier this month.