HSBC agrees Chilean sell off
Banking giant’s disposal of non-core assets continues
By CFOWorld.co.uk | CFO UK | Published 16:10, 29 September 11
HSBC said on Thursday it had agreed a deal to sell its retail banking business in Chile as it pushes ahead with plans to dispose of what it views as non-core assets.
The UK-based bank plans to sell four branches in Santiago for a total of close to $20 million (£12.7 million) and to see the transaction process completed before the end of the fourth quarter.
It said its investment banking and commercial operations in the South American country will remain operative.
HSBC is planning to quit areas where it lacks scale or is struggling to compete, under a revamp plan launched by new chief executive Stuart Gulliver in May to lift profitability and sharpen its focus on Asia.
It has sold its US credit card portfolio for $2.6 billion more than the face value of the loans and sold 195 US branches for $1 billion. It has also sold its Canadian brokerage business and retail operation in Russia and put its $1 billion general insurance business on the block.
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