HSBC selling unprofitable Brazil unit to Bradesco for $5.2 billion

HSBC Holdings Plc agreed to sell its Brazilian unit to Banco Bradesco SA for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe's No. 1 bank said in a statement on Monday that the accord with Bradesco includes the disposal of the HSBC Bank Brasil SA Banco Múltiplo and the HSBC Serviços e Participações Ltda units. Reuters reported on July 20 that Bradesco had entered exclusive talks with HSBC after offering to pay abo