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Nicaragua's Pellas offloads BAC Florida

Wednesday, May 8, 2019

Banco Bradesco has embarked on its first-ever international acquisition by paying approximately $500 million to buy BAC Florida Bank, which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals.

Based in Coral Gables, BAC Florida is controlled by Grupo Pellas, which was founded in 1877 in Nicaragua, Reuters reports.