News Formal

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

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 9 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 61%

News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Revenues top €1bn at Eir but soaring costs hit earningsTurnover at the telecoms giant rose €52 million year-on-year after a strong final quarter
Source: businessposthq - 🏆 8. / 71 Read more »