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Colombian group buys HSBC units for $400 million

Monday, May 14, 2012

HSBC Holdings PLC said on Friday that it had agreed to sell its operations in Colombia, Uruguay, Peru and Paraguay for $400 million in cash to Banco GNB Sudameris.

Banco GNB Sudameris is a financial group controlled by Grupo Gilinski, a family of Colombian bankers with a long record in the industry who had previously tried to buy assets in the region.

HSBC has been quitting smaller markets and businesses to cut costs and streamline operations under new CEO Stuart Gulliver.

Source: Reuters