Apr 9, 2024
HSBC agrees to sell off its Argentina business
Banking giant HSBC is selling off its business in Argentina at a $1bn loss after years of battling with the country's unstable exchange rate. HSBC has been in Argentina since 1997, when it took full control of the local Banco Roberts and renamed it. HSBC still holds on in Brazil, but purely as an investment bank: it sold its retail banking operation there in 2015.Other operations elsewhere in the world have been sold off in recent years as the London-based bank has pivoted to focus more on faster-growing markets in Asia. "These reserve losses have accumulated over many years and arise from the cumulative translation of the Argentinian peso-denominated book value of HSBC Argentina into US dollars," HSBC said. HSBC chief executive Noel Quinn said: "We are pleased to agree the sale of HSBC Argentina."This transaction is another important step in the execution of our strategy and enables us to focus our resources on higher-value opportunities across our international network.
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