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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