NEW YORK (TheStreet) -- Banco Bradesco (BBD) shares are up 1.6% to $9.23 in morning trading on Thursday as Brazil's second largest private sector bank prepares to make a binding bid purchase of
HSBC Holding's (HSBC) Brazilian banking unit, according to Brazilian newspaper O Estado de S. Paulo.
The process for spinning off HSBC's Brazilian unit is in its advanced stages with the top three private sector lenders in Brazil all making bids for the business, according to Reuters.
Analysts estimate the unit could sell for between $3 billion and $4 billion.
HSBC shares are down 0.09% to $46.67 in trading today.