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...
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