HSBC Holdings plc, Europe’s largest bank by market value, announced its decision to sell its business in Argentina to Grupo Financiero Galicia, the largest private financial group in the country, for $550 million.The move is part of HSBC’s broader strategy to streamline its operations and focus on high-growth opportunities, particularly in Asia. However, the sale comes at a significant cost, with HSBC anticipating a $1 billion pre-tax loss in the first quarter of this year.
April 9, 2024
SOURCE: IB TIMES
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https://www.ibtimes.com/hsbc-offload-argentina-business-absorbs-1-billion-loss-exit-deal-3729209