HSBC to sell business in Argentina to Grupo Financiero Galicia
HSBC Latin America BV, a wholly-owned subsidiary of HSBC Holdings, has signed a binding agreement with Buenos Aires-based Grupo Financiero Galicia to sell its business in Argentina. The agreement involves the acquisition of all of HSBC Argentina's business, which includes banking, asset management, and insurance. The deal also encompasses $100 million of subordinated debt issued by HSBC Argentina and held by other HSBC entities. The consideration for the acquisition amounts to $550 million, which will be adjusted for the results of the business and fair value gains or losses on HSBC Argentina'...