The logo of Brazilian Bradesco bank is seen on a branch in Osasco financial centre, Brazil, August 3, 2015. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) – Banco Bradesco SA, Brazil’s second largest private bank, has agreed to pay approximately $500 million for BAC Florida Bank, which focuses on high net worth nonresident individuals.

After the deal, its first ever outside of Brazil, is complete, Bradesco will assume the operations of BAC Florida. Its main objective is to expand investment offerings in the United States to its affluent clients, according to a securities filing on Monday.

Bradesco Chief Executive Officer Octavio de Lazari said in a statement that clients have increasingly demanded diversification and greater access to global products.

“This acquisition is small for Bradesco (less than 1