According to the entity, the transaction includes all of HSBC Argentina’s operations in the country, including the Bank, the Mutual Fund Manager and the Insurance companies.
“This regulatory approval is a necessary and important step towards the completion of the transaction, which remains subject to additional regulatory approvals.”HSBC noted.
For customers, “no changes”, As a result of this regulatory approval, HSBC Argentina indicated that “will continue to operate as part of the HSBC Group until completion of the transaction.”
In that sense, they expressed that they will continue “working with Galicia on the remaining steps and approvals necessary to complete the sale. Further announcements will be made, as appropriate, in due course.”
Why is HSBC leaving Argentina?
The sale of HSBC Argentina It was announced in April this year. As the banking giant explained at the time, The subsidiary in our country focuses “on the local market, with limited connectivity with the rest of our international network” and therefore “also generates a significant volatility in results of the group when its earnings are converted to US dollars.”
HSBC Argentina has a network of more than 100 branches, employs to 3,100 people and has around one million customersIn 2023, it generated revenues of US$774 million.
The current strategy HSBC seeks focus your resources on higher value opportunities in our international network, HSBC CEO said in April, Noel Quinnin a statement.
The sale of the Argentine subsidiary was not the only change in the group this year. March closed the sale of its Canadian activities to the Royal Bank of Canadawhile assuring that will continue present in Mexico and USA.
Source: Ambito
