November 13, 2019 / 7:57 PM / a month ago

Brazil`s Bradesco to spin off digital bank Next by March 2020

SAO PAULO, Nov 13 (Reuters) - Brazil’s second largest private sector lender Banco Bradesco SA will spin off its digital bank ‘Next’ by March 2020, chief executive Octavio de Lazari told analysts on Wednesday.

Bradesco’s move come as digital banks in Brazil are rapidly gaining clients and being priced at higher valuations than traditional banks. Next is expected to reach 2 million clients by the end of this year, according to Bradesco. (Reporting by Carolina Mandl Editing by Chizu Nomiyama)

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