HSBC Sells Business in Argentina, Books $1 Billion Loss

HSBC is selling its business in Argentina and booking a $1-billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia.

The sale also fits with the bank’s Asia pivot strategy as it shifts capital, especially to India and China. “Exiting Argentina also represents a further step in management’s strategy to simplify the Group and concentrate resources on areas of the business where greater shareholder value can be created,” he said.

HSBC said those losses had already been recognized in its capital levels and would have no impact on its core capital or asset value levels.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

HSBC Chairman: No Spinoff of Asian BusinessHSBC Chairman Mark Tucker announced that a spinoff of the bank's Asian business will not occur, as there is no shareholder support. The bank reported a significant increase in pre-tax profit for 2023, but fell short of estimates due to an impairment on its stake in China's Bank of Communications.
Source: globebusiness - 🏆 31. / 66 Read more »

Doing business in China is growing tougher, more uncertain, European business group saysBEIJING (AP) — Uncertainty and “draconian regulations” have drastically raised risks for foreign businesses in China, a report by a European business group...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »