Client or Matter Name

Banco Bradesco S.A., and its Mexican subsidiary Bradescard México, S. de R.L. (jointly, “Bradesco”)

Deal Description

We assisted Bradesco, as buyer, in the preparation, negotiation and execution, of the stock purchase agreement, in order to acquire all of the shares issued by Ictineo Plataforma, S.A. de C.V., S.F.P., a popular financing entity (sociedad financiera popular), by means of which Bradesco intends to increase the financial services that it offers in Mexico, including digital financial services, given that the current services are limited to the issuance of credit cards.

The completion of the acquisition is subject to the fulfilment of several conditions, including the approval of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Brazilian Central Bank (Banco Central do Brazil).

Innovation & Additional Comments

The matter is particularly challenging given that it involved highly important companies, participants in a sophisticated sector from two different jurisdictions (Mexico and Brazil). As such, the structure was extensively negotiated and requires adjusting and matching different concepts of foreign law within the legal framework of the operation (i.e. Mexican law).
Additionally, complex contractual agreements were established between all parties to document their relationship and meet the client's objectives.
Finally, the transaction will continue to bring several challenges, given the different regulatory approvals that need to be obtained, both in Mexico and Brazil.


  • Mexico

Governing Law

  • Mexico

Deal Duration, Date of Closing / Signing

  • Signing: August 16th, 2022
  • Closing: Subject to several conditions, including regulatory approvals.

Practice Area

  • Mergers and Acquisitions
  • Banking and Financial Regulation (Fintech)

Team GC

  • Partners: Enrique González Calvillo, Daniel Guaida Azar and Bernardo Reyes Retana Krieger
  • Counsel: Alberto Bustamante Celis
  • Associates: Álvaro Chávez Luján
  • Law Clerks: Héctor Ferrari Ruiz and Patricio Webber
  • Other lawyers, from different practice areas, were involved during the legal due diligence that was carried out.

Other Firms Involved

  • Bello, Gallardo, Bonequi y Garcia, S.C., as counsel to the sellers