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Bradesco Bank announces completion of Ictineo acquisition for the creation of a digital bank in Mexico advised by Gonzalez Calvillo

Mexico City, Septiembre 5, 2022 – Gonzalez Calvillo (“GC”) welcomes the official announcement by Banco Bradesco SA (“Bradesco”), a leading Brazilian banking institution in relation to the acquisition of Ictineo Platform, S.A. de C.V., S.F.P (“Ictineo”), a popular financial company, with which Bradesco seeks to expand its financial services offering in Mexico.

GC acted as advisor to Bradesco as buyer, in the preparation, negotiation and signing of the purchase & sale agreement to acquire all shares issued by Ictineo. The completion of this acquisition is subject to compliance of several conditions, including the approval of the National Banking Securities Commission (“Comisión Nacional Bancaria de Valores”), in Mexico, and the Brazilian Central Bank. This transaction was particularly complex given the involvement of highly relevant companies which are participants in a sophisticated sector in both Mexico and Brazil.

Commenting on this transaction, Bradesco Chief Executive Octavio Lazari stated, “We can now have a digital bank and aim for a larger market share in a relevant market like Mexico”. Bradesco, via Bradescard, has approximately 3 million credit card customers offered by Mexican retailers.

Gonzalez Calvillo’s team was led by partners Enrique Gonzalez Calvillo, Daniel Guaida and Bernardo Reyes-Retana; counsel Alberto Bustamante, associate Álvaro Chávez, and law clerks Héctor Ferrari and Patricio Webber.

Closing date: 16th August, 2022.

NOTE TO EDITORS

 

For 35 years, Gonzalez Calvillo has been at the forefront of the legal market in Mexico as a full-service leading law firm due to its transactional core and expertise in a wide range of practice areas. The firm is recognized for its ability to build cross-disciplinary teams for the most complex legal challenges and long track record of successfully providing groundbreaking business and regulatory advice to high profile domestic and international companies. Often described as a pioneer of the Mexican legal services industry, the firm is known for its commitment to doing things differently, bespoke solutions, and creating transformational legal changes that enable clients achieving their objectives. For more information, please visit www.gcsc.com.mx.

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