News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

HSBC to sell Argentina business in latest market exit

The lender has agreed to sell HSBC Argentina to Grupo Financiero Galicia

HSBC is set to book a $1bn loss from the sale of its Argentina business
HSBC is set to book a $1bn loss from the sale of its Argentina business Photo: Jason Alden/Bloomberg via Getty Images

HSBC is selling its Argentina business for over half a billion dollars, the bank’s latest exit from markets that are no longer core to its business strategy.

The lender has agreed to sell HSBC Argentina to Grupo Financiero Galicia, the country’s largest private financial group, for $550m, HSBC said 9 April. It will take a $1bn hit from the divestment in the first quarter.

WSJ Logo