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![Brazil's top three private-sector lenders have placed bids for HSBC Bank Brasil Banco Múltiplo [Xinhua]](http://thebricspost.com/wp-content/uploads/2015/06/hsbc.jpg)
Brazil’s top three private-sector lenders have placed bids for HSBC Bank Brasil Banco Múltiplo [Xinhua]
HSBC is the 6th biggest bank in Brazil.
HSBC said it would leave a “modest participation” in Brazil to continue attending to big corporate clients. The banking giant is also likely to shift its headquarters from London to Hong Kong.
Brazil’s top three private-sector lenders have placed bids for HSBC Bank Brasil Banco Múltiplo (as the bank is formally known in the Latin American nation).
Currently, HSBC has 853 agencies in 531 of Brazil’s municipalities, employing over 21,000 people. It also has 452 banking service centers, 699 electronic banking service centers and 1,809 self-service centers with 4,728 automatic bank machines.
This is the second biggest overhaul at HSBC since the financial crisis of 2008.
Between 2011 and 2014, the bank cut 40,000 jobs in the country to reduce costs and to concentrate on activities that were considered strategic.
Tuesday’s announcement came as part of a restructuring plan to save up to $5 billion by 2017. The plan is expected to put around 50,000 people out of work all over the world and would close 12 per cent of branches in its seven biggest markets. It has 5,800 branches globally.
About 7,000-8,000 job cuts would be in Britain.
The bank plans to accelerate investments in Asia by developing business in both the Pearl River Delta in China’s Guangdong Province, and in the ASEAN region.
Source: Agencies
