(AOF) – The British bank HSBC announced the sale of its activities in Argentina for an amount of 550 million dollars. On the London Stock Exchange, HSBC shares gained 0.51% to 647.80 pence. “HSBC Argentina is a predominantly national business, with limited links to the rest of our international network. Furthermore, given its size, it generates high volatility of results for the group when its results are converted into US dollars” , declared the general manager, Noel Quinn, to justify this operation.
HSBC Argentina, which offers banking, insurance and asset management, has been sold to Galicia, Argentina’s largest private financial group.
Following this transaction, HSBC will record a pre-tax loss of $1 billion in its first quarter accounts. It will have an insignificant impact on the group’s core capital ratio (CET1) upon completion of the transaction expected in the next 12 months.
“This transaction constitutes another important step in the implementation of our strategy and allows us to focus our resources on higher value-added opportunities across our entire international network,” underlined Noel Quinn.
“We remain committed to Mexico and the United States, and serving our international clients across our global network, through our industry-leading transactional banking capabilities.”
© 2024 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
