HSBC to book $1bn loss from sale of Argentina business rte.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rte.ie Daily Mail and Mail on Sunday newspapers.
(Reuters) -HSBC Holdings said on Tuesday it will sell its Argentina business and record a $1 billion pre-tax loss from the divestment in the first quarter of fiscal 2024 as the lender moves to sharpen its focus on Asia. HSBC will sell the business, which covers banking, asset management and insurance and $100 million in subordinated debt, to Grupo Financiero Galicia for $550 million, according to a statement. Buenos Aires-based Galicia is Argentina's fifth largest bank.
HSBC has agreed to sell its business in Argentina to Grupo Financiero Galicia, the largest private financial group in the country, for $550 million, the UK-based bank said on Tuesday.