Published 26 days ago

HSBC to sell Argentina business to Galicia in $550 million deal

HSBC is selling off its business in Argentina at a $1bn loss to Grupo Financiero Galicia due to the country's unstable exchange rate.
The sale will see annual inflation in Argentina hit 276.2% last month, prompting HSBC to focus more on faster-growing markets in Asia.
HSBC's divestment in Argentina aligns with its strategy to shift capital to Asia, with no plans for a spin-off of its Asia business.

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BBC News

HSBC agrees to sell off its Argentina business

The banking giant is set to take a billion-dollar loss by exiting Argentina after nearly 30 years.

26 days ago·United Kingdom

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The Guardian

HSBC to book $1bn pre-tax loss on Argentina sale; interest rate cut hopes are fading – business live

Rolling coverage of the latest economic and financial news

27 days ago·London, United Kingdom

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Daily Express

HSBC suffers £790.1m in losses as banking giant counts cost of Argentina exit

HSBC says it first quarter results will be hit by a $1billion (£790.1million) pre-tax loss following the £434.6million sale of its Argentinian bank to Grupo Financiero Galicia.

27 days ago·United Kingdom

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Channel News Asia

HSBC to sell Argentina business to Galicia in $550 million deal

:HSBC Holdings said on Tuesday that it will sell its Argentina business to Grupo Financiero Galicia, the country's largest private financial group, in a deal valued at $550 million.The Asia-focussed bank said its unit, HSBC Latin America B.V., has signed a deal to sell the operations in Argentina to Galicia.

27 days ago·Singapore

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Globo

HSBC sells business in Argentina for 550 million dollars to Galician Finance Group.

27 days ago·Brazil

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RTÉ

HSBC to book $1bn loss from sale of Argentina business

HSBC Holdings said today it will sell its Argentina business and record a $1 billion pre-tax loss from the divestment in the first quarter of fiscal 2024 as the lender moves to sharpen its focus on Asia.

27 days ago·Ireland

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