Tozzini and Pinheiro Neto advise on Bradesco's US$153-million acquisition of Banco Cidade

The consolidation of Brazil's banking sector continues apace with the country’s largest private bank, Banco Bradesco SA, completing its purchase of Banco Cidade, a small bank with assets of around R$2 billion (US$853.6 million). The R$366 million (US$153 million) acquisition was closed on February 24 through Banco BCN, a Bradesco subsidiary, and involves the entire Banco Cidade share capital. Pinheiro Neto Advogados advised Bradesco while Tozzini, Freire, Teixeira e Silva Advogados acted for Banco Cidade.