HSBC finds buyer for 62 Latin American branches

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.

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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.

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