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HSBC Takes $1bn Hit on Argentina Business Sale

April 11, 2024

Banks

HSBC is selling its Argentinian business and booking a $1bn loss on the deal, as part of its overall strategy of focusing on Asia, adding to its exits in France and Canada. The business will be sold for $550mn to Argentina’s fifth largest bank Grupo Financiero Galicia. Its Argentinian business covered banking, asset management and insurance. HSBC said that the deal would lead to a recognition of $4.9bn in currency translation reserve losses, particularly on the back of a $1.8bn loss last year due to the Argentinian peso’s devaluation. HSBC’s Argentinian business has seen substantial earnings volatility when its results are translated into USD, they noted. HSBC’s dollar bonds were trading steady.

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