HSBC sells Central American businesses
International banking giant HSBC is to exit Costa Rica, El Salvador and Honduras.
International banking giant HSBC is to exit Costa Rica, El Salvador and Honduras.
The company has conditionally sold its operations in those countries to Banco Davivienda, a banking group listed in Colombia. Davivienda, Colombia's third largest bank, will pay $801m in cash for the bankng operations. The deal is epxected to complete in the fourth quarter of 2012.
As at 30 September 2011, the businesses consisted of 136 branches across the three countries and held around $4.3bn of assets and $2.5bn in loans.
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
Shares in HSBC were down 7.1p, or 1.3%, in lunch-time trading at 537.8p, in a banking sector that was down 1.84% at the time.
-
Buying a property is cheaper than renting again – how much could you save?
News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
By Marc Shoffman Published
-
Is now a good time to invest in India?
Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
By Cris Sholto Heaton Published