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.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”