SAO PAULO, March 9, 2026, 15:05 (BRT)
Banco Bradesco faces two shareholder votes later this month, following a filing that confirmed its healthcare restructuring is still moving forward. Odontoprev has scheduled an April 6 meeting for the next step in the process. According to the bank, the latest documents leave the deal’s terms unchanged. 1
The schedule is tight: Bradesco shareholders have a March 31 vote on a partial Bradseg spin-off—essentially, a carve-out from the unit. Over at Odontoprev, investors decide April 6 on authorizing new shares to take in Bradesco Gestão de Saúde, boosting capital, and switching the name to Bradsaúde. That would put Odontoprev at the center as the group’s top-listed healthcare arm. 2
Bradesco’s health acquisition comes as the bank continues its internal overhaul. The lender posted a profit of 24.7 billion reais for 2025 and booked a 15.2% return on average equity in the fourth quarter—a stretch that marks eight quarters in a row of profit growth. 3
Bradesco’s latest filing points to a first amendment to the merger protocol, incorporating details from a March 5 appraisal of Bradesco Gestão de Saúde shares—numbers that determined Odontoprev’s capital increase. According to Bradesco, these measures were anticipated from the outset and don’t alter the deal’s terms. 1
The bank maintains that spinning off the unit would spotlight the operation, especially as Brazil’s healthcare and capital markets begin to recover from a rough patch. Valor heard from Chairman Luiz Carlos Trabuco, who described the business as having “scale, momentum and strategic relevance.” CEO Marcelo Noronha estimated Bradsaúde’s value at “between R$40 billion and R$50 billion.” 4
Bradesco’s latest presentation points to a revenue target of 52 billion reais for the new platform in 2025, alongside projected net income of 3.6 billion reais and a return on average equity hitting 23.7%. According to the bank, Bradesco would retain a 91.35% stake in the business, and it draws comparisons to healthcare players like Rede D’Or and Fleury. 5
Still, the way forward looks uncertain. Shareholders must sign off, ANS — Brazil’s private health regulator — has to give its blessing, and holders of minority Odontoprev stakes are free to opt out. If the deal goes through, public investors would have access to only 8.65% of the shares, short of Novo Mercado’s 25% minimum. Bradesco execs haven’t set a date for any follow-up share sale to boost that figure. 5
In a Feb. 6 interview, Noronha said Bradesco was “going up from here” following a 26% jump in 2025 earnings, and signaled the bank’s commitment to ramping up technology spending and focusing tightly on selective lending as part of its transformation plan. Bradesco also noted it will update shareholders on any significant progress with the health transaction. 6
