HSBC’s agreement with Banco GNB Sudameris to
sell its Colombia, Peru, Uruguay and Paraguay business will have a
‘limited’ impact on its global private banking arm.
The scope of HSBC’s Global Private Banking
business serving high-net-worth-individuals (HNWI) in these
countries is limited, HSBC’s spokesperson said.
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HSBC has entered into an agreement with Banco
GNB Sudameris, controlled by Colombian Gillinski Group, to sell the
HSBC’s Group’s retail, commercial, corporate banking and insurance
businesses in the four Latin America countries for $400m, the bank
said.
The businesses to be sold in the four
countries had 62 branches with gross asset value of $4.4bn as at 31
December 2011.
While the Colombia and Peru business sale is
expected to complete by 31 December 2012, the Uruguay and Paraguay
sale will be completed in the first quarter of 2013, the bank
said.
HSBC Latin America and Caribbean CEO and
president Antonio Losada said: “We seek to focus on our operations
where we see the greatest potential for sustainable growth for
HSBC.”
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