HSBC's Latin American unit has entered a binding agreement with Galicia for a $5 billion deal. The bank expects a $1 billion pre-tax loss in Q1 2024 and will recognize $4.9 billion of historical cumulative foreign currency translation reserve losses. The sale will reduce HSBC's CET1 ratio by 0.1 percentage points. However, the bank's dividend payout ratio target remains unchanged at 50% for 2024. This move is part of HSBC's efforts to streamline its business and focus on its key Asian and European markets.
HBSC’s Latin American unit had entered a binding agreement with Galicia for the deal, the bank said in a statement to the Hong Kong Stock Exchange.
The move comes as an extension of HSBC’s efforts to streamline its business and focus more on its key Asian and European markets. The bank had recently completed the sale of its Canadian operations to RBC. Argentina’s recently-elected President Javier Gerardo Milei also outlined seemingly radical reforms for the country’s economy, which were met with skepticism by foreign investors.
HSBC Latin American Unit Galicia $5 Billion Deal Pre-Tax Loss Foreign Currency Translation Reserve Losses CET1 Ratio Dividend Payout Ratio Streamline Asian Markets European Markets
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