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HSBC to Divest Argentina Business Under Asia Pivot Strategy
ALLYAlly(ALLY) Zacks Investment Research·2024-04-09 14:26

HSBC Holdings PLC (HSBC) entered into a joint agreement with Grupo Financiero Galicia (“Galicia”) to sell its Argentina business. The transaction is valued at 550millionandaimstoshiftitsfocusonthecoreAsianoperations.Thedeal,subjecttoregulatoryapprovals,isexpectedtobecompletedwithinthenext12months.Pertheagreement,GaliciawillacquireHSBC’sentireArgentinabusiness,includingbanking,assetmanagementandinsurance.Thefirmwillalsoassume550 million and aims to shift its focus on the core Asian operations. The deal, subject to regulatory approvals, is expected to be completed within the next 12 months.Per the agreement, Galicia will acquire HSBC’s entire Argentina business, including banking, asset management and insurance. The firm will also assume 100 million of subordinated debt ...