NEW YORK (TheStreet) -- Banco Bradesco (BBD) - Get Banco Bradesco SA Report stock is slumping 3.11% to $5.45 in afternoon trading on Monday, after CEO Luiz Carlos Trabuco said that the company has not been approached by investment bank BTG Pactual about purchasing assets.
The company's August takeover of HSBC Holdings's Brazilian unit marked the end of its cycle of acquisitions, Reuters reports.
Additionally, Brazil's real was down 0.7% to 3.8734 per dollar at 5:30 p.m. in Sao Paulo, amid rumors that BTG Pactual bribed a lawmaker, Bloomberg reports.
"It is simply too risky to stay in real-denominated assets right now," Ipek Ozkardeskaya, an analyst at London Capital Group, told Bloomberg.
Banco Bradesco is a commercial bank based in Osasco, Brazil.
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