HSBC plans to sell its Argentina business to Grupo Financiero Galicia for $550M, resulting in a $1B pre-tax loss.
HSBC plans to sell its Argentina business to Grupo Financiero Galicia for $550 million, resulting in a $1 billion pre-tax loss. The deal allows HSBC to focus its resources on higher value opportunities within its international network and is part of its strategy to simplify the company. The transaction is subject to regulatory approvals and is expected to be completed within the next 12 months.
April 09, 2024
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