Banco Bradesco (BBD) Stock Climbs as it Prepares Bid for HSBC Unit

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.

BBD Chart BBD data by YCharts

More from Markets

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

What Angela Merkel's Uncertain Political Future Means for Greece's Debt Woes

What Angela Merkel's Uncertain Political Future Means for Greece's Debt Woes

Dow Tumbles, Stocks Slide on Renewed Trade War Concerns

Dow Tumbles, Stocks Slide on Renewed Trade War Concerns

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern