HSBC, which styles itself as the world's local bank, is to become a bit less local in parts of Latin America following the agreed sale of its operations in Colombia, Peru, Uruguay and Paraguay.
HSBC is selling the businesses for $400m in cash to the Colombian banking entity controlled by the Gilinski Group, Banco GNB Sudameri.
The sales of the businesses in Colombia and Peru are expected to complete in the fourth quarter of 2012 and the sales of the businesses in Uruguay and Paraguay are expected to complete in the first quarter of 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At the end of 2011, the businesses to be sold had 62 branches across the four countries and a gross asset value of $4.4bn.
The sale of the branches was flagged by HSBC last week and is part of the group's to focus on regions where it sees the greatest potential for sustainable growth.
JH
-
8 of the best properties for sale for around £1 millionThe best properties for sale for around £1 million – from a Grade II-listed former watermill in Torpoint, Cornwall, to a two-bedroom apartment close to London’s Kensington High Street
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
