Florida Banking December 2024-January 2025

Bradesco Bank Bridging International Banking and Finance

BY SUELLEN WILKINS, DIRECTOR OF COMMUNICATIONS

F ounded over 80 years ago in Marilia, a small town in the interior of the São Paulo State in Brazil, Banco Bradesco was originally established to serve growing needs in the rural region. As Brazil’s economy developed, especially around São Paulo, Bradesco expanded — meeting the growing demands of the emerging middle class with innovative customer-centric approaches. Through organic growth and acquisitions, Bradesco became one of the largest universal financial institutions in Brazil. Comprehensive offerings include banking, investing and insurance solutions for all segments of the market. Bradesco targets Brazilian and Latin American clients, managing $350 billion in assets abroad and approximately 77 million clients worldwide. Despite global financial uncertainties, Bradesco aims to expand its market share to 10-15 percent over As a major Brazilian bank, Bradesco entered the U.S. offshore private banking market in 2019, acquiring BAC Florida Bank (n/k/a Bradesco Bank) for $500 million. Henrique Lima, with a background in investment banking and mergers and acquisitions (including with Bank of America), joined Bradesco to lead this expansion and support Bradesco's strategic goals in the U.S. Under his leadership the bank grew significantly, with assets doubling from $2.1 billion to $4.5 billion, primarily by attracting new clients and expanding product offerings. The bank streamlined processes, reduced manual tasks and focused on automation to sustainably support growth. Lima described his transition from an investment banker to managing Bradesco’s BAC Florida Bank after the acquisition in 2019. “Initially inexperienced in local regulatory affairs, I found valuable support from several sources, including my board of directors, existing management team, the Florida Bankers Association, and especially from U.S. regulators such as the FDIC and OFR,” he said. “Such support is very important the next decade, leveraging its strong foundation and community focus. Bank Establishes U.S. Base in Miami

to the continued development of the banking industry in Florida.” Lima said challenges unique to the Florida market, such as the direct and indirect impacts of climate related events like hurricanes, have substantially driven up the cost of insurance for local properties. Another challenge is the CRA regulation which was clearly not developed for a bank with Bradesco’s profile, collecting most of its deposits abroad, Lima said. The ongoing modernization effort should help the industry, he said. Reflecting on his transition from investment banking to bank management, Lima emphasized the value of learning from experienced board members and using the board for strategic guidance. He highlighted the importance of attracting and retaining talent, especially in technical roles like cybersecurity. “Fortunately, Florida’s talent pool, combined with Miami’s appeal, has made recruitment easier,

with people willing to relocate to join the bank,” he said. “This combination of industry support, experienced guidance and a strong talent base places the bank in a favorable position for future success.” Bank’s Strength Lies in Personal Approach With 300 employees, Bradesco Bank emphasizes human interaction and a digital transformation to enhance client services. Jeff Gross, Bradesco’s Head of

“STRATEGIC EXECUTION, MAINTAINING STRONG RELATIONSHIPS AND PARTICIPATING IN INDUSTRY DISCUSSIONS ARE EXTREMELY IMPORTANT.” – HENRIQUE LIMA

Real Estate Lending, said the bank’s staff consists of highly experienced mortgage professionals who prioritize communicating with clients and partners, contributing to the bank’s success. “Over the years we’ve developed a unique underwriting capacity to work with non-residents, which requires a tailored approach,” Gross said. To enhance efficiency and adaptability, the bank shifted to a more collaborative, cross-functional approach, breaking down departmental silos and encouraging teamwork between compliance, legal, IT and client services. This restructuring was also reflected in the physical office layout, moving to an open floor plan to foster collaboration. “Our human-centered approach allows us to effectively handle the complexities of our clientele,” he said Bradesco Bank, Continued on page 10

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