HSBC Holdings plc (HSBC) has released an update.
HSBC Holdings plc announces the sale of its Argentine business to Grupo Financiero Galicia for $550 million, subject to adjustments. The transaction, which is expected to close within the next 12 months pending regulatory approvals, will result in a pre-tax loss of $1.0 billion for HSBC but is not expected to significantly impact the Group’s CET1 ratio. This strategic move allows HSBC to focus on higher value opportunities and reduce earnings volatility from currency translation.
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