In 2016, it sold its retail banking to Banco Bradesco, marking the end of the multinational's operations in the country.

[2] The HSBC Group traces its presence in Brazil to 1976 when Samuel Montagu and Midland Bank opened offices there.

By the time of its acquisition, Banco Bamerindus had almost 1,300 branches, plus insurance, leasing and securities businesses, among others.

[3] On 9 June 2015, HSBC announced its intention to sell off the majority of its operations in Brazil, including personal banking, as part of a plan to cut 50,000 jobs worldwide and on 3 August 2015 HSBC sold operations in Brazil to Banco Bradesco for $5.2 billion.

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