Sao Paulo, March 6, 2026, 09:09 BRT
Banco Bradesco S.A. on Wednesday unveiled its intention to consolidate health operations inside Odontoprev, aiming to form a public company projected to generate around 52 billion reais in revenue next year. The combined entity, set to take on the name Bradsaúde, would house those assets.
Bradesco’s timing is no accident. The bank is looking to surface value from its broad financial and insurance operations, just as Brazil’s capital markets and healthcare space rebound. In its filings, Bradesco pointed to a streamlined structure, a sharper snapshot for investors, and broader distribution for its health and dental offerings.
Bradesco has scheduled an extraordinary meeting for March 31 to kick off its plan, starting with a partial spin-off of Bradseg Participações. That move shifts the holding’s Odontoprev and Bradesco Gestão de Saúde stakes over to the bank. Next up, if approvals come through, Odontoprev would take in Bradesco Gestão de Saúde, keep its spot on B3’s Novo Mercado—where governance standards run higher—and become the main holding for Bradesco’s health units.
Company slides peg the merged platform’s 2025 revenue at 52 billion reais, with net income seen at 3.6 billion reais and return on average equity coming in at 23.7%. That ROAE figure measures profit against shareholder capital. CEO Marcelo Noronha put a potential market value in the 40 billion to 50 billion reais range, saying it would be “closer to R$50 billion.” MarketScreener
Chairman Luiz Carlos Trabuco Cappi described the business as having picked up “scale, momentum and strategic relevance,” arguing that the previous structure held back transparency. During the presentation, he labeled Bradsaúde as Brazil’s “most comprehensive healthcare ecosystem.”
The new bundle isn’t limited to dental coverage. Bradesco plans to group Bradesco Saúde, Mediservice, its Novamed clinics, health-tech outfit Orizon, hospitals under Atlântica, and its 25% holding in diagnostics player Fleury. Hospital tie-ups with Rede D’Or and Mater Dei are part of the package, too.
Following the share swap, Bradesco ends up with a 91.35% stake in the newly named firm, while existing Odontoprev holders keep the remaining 8.65%, according to regulatory filings. Citi delivered a fairness opinion supporting the exchange ratio, and an independent Odontoprev committee signed off on the deal.
Carlos Marinelli, tapped to head up Bradsaúde, said the company’s launch comes “zero leverage”—so, debt-free from day one. Over at Bradesco Seguros, Ivan Gontijo made it clear: there are no plans to transform the new operation into a closed insurer-hospital system, despite medical costs running nearly triple Brazil’s IPCA consumer price index, the standard inflation gauge.
Still, plenty could shift before the plan becomes reality. Signoff is needed from Bradesco, Odontoprev and BGS shareholders, and ANS — Brazil’s private-health regulator — must also give its nod. Bradesco mentioned the new company will launch with just 8.65% of its shares as free float, far short of Novo Mercado’s 25% minimum. That means another share sale is on the horizon, but there’s no timeline yet.
Bradesco’s move would spin off a health business counting 3.9 million health beneficiaries and 9.3 million dental beneficiaries, plus upwards of 3,600 contracted hospital beds. Executives have pointed to the previous structure as a drag on transparency. They argue the new standalone vehicle will put the business under a brighter spotlight for investors.
