HSBC Bank Will Sell Operations in Honduras
Tuesday, 24 January 2012 07:39
Stock Market Wire
HSBC Bank (Panama) -- an indirect, wholly-owned subsidiary of HSBC Holdings, Inc. -- has entered into an agreement to sell the whole of its banking operations in Costa Rica, El Salvador and Honduras to Banco Davivienda, a Colombian-listed banking group. The transaction is subject to regulatory and other approvals and is expected to complete in the fourth quarter of 2012. HSBC said the sale represented further progress in its execution of the strategy set out in May. HSBC Latin America CEO-designate Antonio Losada said: "We are pleased to have reached this agreement. The transaction demonstrates our commitment to driving growth and improving returns in Latin America by divesting of businesses that do not meet our investment criteria. I would like to thank the management teams and employees for their dedication and wish them every success for the future." (1/24/12)
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