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Latin America Investment News on Viva Tropical

HSBC Concentrates Services in Mexico, Abandoning Operations in Central America

Article Summary:

British banking group HSBC is exiting from Central America and instead is focusing on the more profitable and larger markets of Mexico, Brazil, and Argentina.

Photo Credit: America Economia

Original Article Text From America Economia via Google Translate :

HSBC plans to concentrate its operations in the region in Argentina, Brazil and Mexico
British banking group HSBC, which recently sold its units in four Latin American countries, plans to focus its operations in the region in Argentina, Brazil and Mexico, said Friday the director general of the Mexican subsidiary, Luis Pena.

HSBC announced last week the sale to Colombian group GNB Sudameris of its operations in Colombia, Peru, Uruguay and Paraguay for $ 400 million, in the midst of a global bank to leave small-scale businesses.

Peña told reporters in the Mexican resort of Acapulco, in the framework of a convention of bankers that “the markets in which the group has determined that it is important to invest strategically are Asia and Latin America.”

He added that “within Latin America, the three priority markets has given the group are Mexico, Brazil and Argentina.”

The proceeds from the sale of those operations in the region should be maintained to grow operations in these three markets, he added.

The bank, which is also present in Central America, sold its retail banking operation in the Brazilian Itaú Chile last year.

In Mexico, the second largest economy in Latin America, HSBC is the fifth bank in the financial system in terms of loan portfolio and also ranks fifth in terms of assets.

The Mexican financial system is led by HSBC units with international giants like the Spanish BBVA Bancomer, Citigroup and Canada’s Scotiabank, as well as local Banorte and Inbursa latter magnate Carlos Slim, the richest man in the world.

Link to Original Article:

From America Economia

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