HSBC sells Central America banks for $801 million
HSBC, Europe’s biggest bank, announced Tuesday the sale of its operations in Costa Rica, El Salvador and Honduras to Colombia’s Banco Davivienda for $801 million in cash.
London-headquartered HSBC said it hoped to complete the deal in the final quarter of 2012.
“The transaction demonstrates our commitment to driving growth and improving returns in Latin America by divesting of businesses that do not meet our investment criteria,” said Antonio Losada, CEO-designate of HSBC Latin America.
HSBC is offloading 136 bank branches with total assets of $4.3 billion and $2.5 billion in loans.
You may be interested
Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, CanadaGustavo Díaz Cruz - December 14, 2017
My mom named me Gustavo Adolfo. I was born in Puntarenas, next to the sea, but my home was in…
Response to disaster: aid successes, struggles in post-Maria Puerto RicoJohn McPhaul - December 13, 2017
As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…
Looking back at Hurricane Maria: the initial impactJohn McPhaul - December 12, 2017
As Costa Rica joins many other nations in looking back upon the devastating 2017 hurricane season, longtime Tico Times contributor…