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HSBC in talks to sell operations in four countries

Thursday, May 10, 2012

HSBC is in talks to sell its operations in Colombia, Peru, Uruguay and Paraguay, as Europe's biggest bank continues to retreat from countries where it is too small or it does not see strong enough growth.

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

The London-based bank operates in 85 countries and Gulliver is trying to sharpen its focus on fast-growing Asian markets. It has struck about 27 deals in the past year to cut more than $60 billion in risk-weighted assets from its balance sheet.

Source: Reuters