HSBC Sells Panama Unit For $2.1B In Latin America Shakeup

Law360, New York (February 19, 2013, 1:42 PM EST) -- HSBC Holdings PLC will unload its Panamanian banking unit to major Colombian lender Bancolombia SA in a $2.1 billion deal, the pair said Tuesday, notching a major step in HSBC's ongoing push to narrow its focus in the sought-after Latin American marketplace.

The banks did not give a financing breakdown for the all-cash deal, but Bancolombia said it had built up the capital and liquidity needed to support the purchase. Pending a go-ahead from regulators in Colombia and Panama, the two expect finalize the deal in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.