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

📆 09/04/2024 04:02:00
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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.

HSBC will sell the business, which covers banking, asset management and insurance and $100m in subordinated debt, to Grupo Financiero Galicia for $550m, according to a statement.The divestment fits with the bank's Asia pivot strategy as it shifts capital especially to India and China.

The Argentina business, given its size, generates substantial earnings volatility for the group when its results are translated into US dollars, according to HSBC.

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