HSBC Holdings plans to sell its Argentine business to Galicia, the largest private financial group in Argentina, for $550 million
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HSBC Holdings plans to sell its Argentine business to Galicia, the largest private financial group in Argentina, for $550 million. The CEO of HSBC Group stated that this is an important step in executing their strategy to focus resources on more valuable opportunities. Galicia will acquire all of HSBC's operations in Argentina for $550 million, with adjustments based on performance and the fair value of the securities portfolio. HSBC expects to receive the acquisition consideration in cash, promissory notes, and Galicia's American depositary receipts
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