HSBC has agreed to sell its business in Argentina to Grupo Financiero Galicia for $550 million. The UK-based bank is focusing on strategic growth in Asia and has been winding down businesses in other regions like the United States and France. This sale of the Argentina unit is a part of HSBC’s strategy to concentrate on higher value opportunities in its international network.
According to CEO Noel Quinn, the sale of the Argentina unit is an important step towards the bank’s strategy execution. The sale is expected to result in a pre-tax loss of $1 billion for HSBC in the first quarter of this year. Quinn explained that the Argentina unit is largely domestically focused and has limited connectivity to the bank’s international network, causing substantial earnings volatility.
Grupo Financiero Galicia, on the other hand, is better positioned to invest in and grow the business in Argentina. With this sale, HSBC continues to focus on reshaping its businesses to align with its strategic objectives. Additionally, HSBC’s China business is also impacting its earnings due to its exposure to China’s real estate industry. The bank reported a significant decline in quarterly profit in February, in part due to this exposure.
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