HSBC to take $1bn hit from Argentina unit sale

9th Apr 2024 07:05

(Sharecast News) - HSBC Holdings on Tuesday said it was selling its Argentina business to Grupo Financiero Galicia for $550m and take a $1bn pre-tax loss in the process as it continued to pivot its operations towards Asia.

"HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network," said HSBC chief executive Noel Quin.

He added that the the Argentina business generated substantial earnings volatility for the group when its results were translated into US dollars.

"We remain committed to Mexico and the US, and to serving our international clients throughout our global network with our leading transaction banking capabilities," he added.

Reporting by Frank Prenesti for Sharecast.com