MEXICO CITY – HSBC Latin America Holdings (UK) Limited, together with other wholly-owned subsidiaries of its parent company, confirmed that it reached an agreement with Banco GNB Sudameris (controlled by the Gillinski Group) to sell its business in Colombia, Peru, Uruguay, and Paraguay.
In the transaction, HSBC said in a statement that it has a value of $400 million in cash and is subject to adjustment to reflect the net asset value in each of the businesses at closing.
They also clarified that these transactions must have the necessary regulatory approvals in each jurisdiction and meet other conditions before transfer takes place.
They said they expect sales of business shares in Colombia and Peru to be completed during the last quarter of 2012; and Uruguay and Paraguay in the first quarter of 2013.
They also revealed that these operations represent progress in implementing the strategy of HSBC Group.
Antonio Losada, President and CEO of HSBC Latin America and the Caribbean said, “We are pleased to have reached this agreement with Banco GNB Sudameris, as we focus our operations where we see the greatest potential for sustainable growth for HSBC.”
On December 31, 2011, HSBC had to sell 62 branches in four countries with assets of 4.4 billion dollars.