HSBC To Shed Latin American Bank Operations For $801M

Law360, New York (January 24, 2012, 1:36 PM EST) -- HSBC Holdings PLC will sell its banking operations in Costa Rica, El Salvador and Honduras to a Colombian banking group for $801 million as it continues to implement a cost-cutting strategy announced last year, the European banking giant said Tuesday.

The businesses that Banco Davivienda SA is set to acquire cover 136 branches across the three countries and about $4.3 billion in assets and $2.5 billion in loans, according to HSBC, Europe's largest bank in terms of market value.

Davivienda, Colombia's third-largest bank, entered into the...
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