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107 Fed. Res. Bull. 1 (2021)

handle is hein.journals/fedred107 and id is 1 raw text is: Board of Governors of the Federal Reserve System ww.fedrresrervC.gov Legal Developments: Fourth Quarter, 2020 Orders Issued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act Cidade de Deus Cia. Comercial de Participag6es Nova Cidade de Deus Participag6es S.A. BBD Participag6es S.A. Fundagdo Bradesco Lecce Holdings S.A. Banco Bradesco S.A. Osasco, Brazil Order Approving the Acquisition of a Bank FRB Order No. 2020-06 (October 7, 2020) Banco Bradesco S.A. (Bradesco), a foreign banking organization subject to the provi- sions of the Bank Holding Company Act of 1956 (BHC Act);1 Bradesco's parent companies, Cidade de Deus Cia. Comercial de Participa 5es (Cidade), Nova Cidade de Deus Participa 5es S.A. (Nova Cidade), BBD Participa 5es S.A. (BBD), and Fundagio Bradesco (Fundagio); and a direct subsidiary of Bradesco, Lecce Holdings S.A. (Lecce) (collectively, Applicants), all of Osasco, Brazil, have requested the Board's approval to become bank holding companies under section 3 of the BHC Act,2 by acquiring all of the voting shares of BAC Florida Bank (BAC Bank), Coral Gables, Florida, a state nonmember bank.3 Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (84 Federal Register 34395 (July 18, 2019)). The time for submitting comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. Bradesco, with consolidated assets of approximately $276.5 billion, is the third largest bank in Brazil based on asset size.4 Bradesco engages in retail and commercial banking and other financial activities throughout Brazil, including wealth management, insurance, and invest- ment banking activities. Outside of Brazil, Bradesco operates in Argentina, the Cayman 12 U.S.C. § 1841 et seq. 2 12 U.S.C. § 1842. 3 Under the proposal, Applicants would initially acquire approximately 99 percent of the voting shares of BAC Bank, and shortly thereafter, an interim-bank subsidiary of Applicants (Interim Bank) would merge with and into BAC Bank, with BAC Bank as the surviving entity. Upon consummation of the transaction, BAC Bank would operate as Lecce's direct, wholly owned subsidiary. The merger of Interim Bank into BAC Bank is subject to approval by the Federal Deposit Insurance Corporation (FDIC), pursuant to section 18(c) of the Federal Deposit Insurance Act. 12 U.S.C. § 1828(c). The FDIC approved the bank merger on June 16, 2020. 4 Asset and ranking data for Bradesco are as of June 30, 2020, and are based on the exchange ratio on that date.