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 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 ...

The branches of the acquired bank will operate under the Galicia Más brand, maintaining independent operations. This strategic move strengthens Galicia’s position in the Argentine financial market.

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 ...

HSBC is selling the business, which covers banking, asset management and insurance, to Argentina's fifth largest bank Grupo Financiero Galicia for $550 million, the British bank said.

Banking giant HSBC is selling off ... denominated book value of HSBC Argentina into US dollars," HSBC said. In 2023 alone, these losses grew by $1.8bn, the bank added. The exact losses may well ...