HSBC in talks to sell Latin American operations
10 May 2012
HSBC Plc is in talks to sell its Latin American operations, as Europe's biggest bank continues to sell non-core assets as part of its restructuring plans to cut costs.
The London-based bank today said that it is in talks to sell its operations in several Latin American countries, including Colombia, Peru, Uruguay and Paraguay.
HSBC did not provide a timeline for the potential divestments or say which companies it was talking to about the possible sales.
Last month the bank said it was in talks over the potential sale of its Mauritius retail banking and wealth management division, soon after it agreed to sell its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to French insurer AXA and Australia's QBE Insurance Group for $914 million in cash.
It also sold its business in Honduras, Costa Rica and El Salvador in January to Banco Davivienda of Colombia for $801 million.
It is also holding talks with several investors over the potential sale of its South Korean and Pakistani assets as chief executive Stuart Gulliver looks to shore up the bank's balance sheet.
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