HSBC has agreed to sell its business in Argentina to Grupo Financiero Galicia — the largest private financial group in the country — for $550 million, the UK-based bank said Tuesday.

HSBC Holdings PLC HSBC entered into a joint agreement with Grupo Financiero Galicia (“Galicia”) to sell its Argentina business. The transaction is valued at $550 million and aims to shift its ...

“HSBC Argentina is a primarily domestic-focused business, with limited connectivity to the rest of the international network,” Quinn added. “Given its size, it also generates significant ...

HSBC moved to conclude another South American misadventure today when it sold its troubled Argentinian arm for $550 million, leaving a loss of $1 billion. The sale to Grupo Financiero Galicia will ...

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC has agreed to sell its business in Argentina to domestic lender Grupo Financiero Galicia for $550mn as ...