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HSBC Sells Business in Argentina, Books $1 Billion Loss

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HSBC,Argentina,Business Sale

HSBC announces the sale of its business in Argentina to Grupo Financiero Galicia for $550 million, resulting in a $1 billion loss. The move is part of HSBC's strategy to focus on Asia and simplify its operations.

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.

 

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