HSBC sells businesses in Costa Rica, El Salvador and Honduras for $801 million

HSBC, one of Europe’s biggest banks, said today that it had agreed to sell its businesses in Costa Rica, El Salvador and Honduras for $801 million as part of its plan to focus on more profitable operations.

HSBC agreed to sell the businesses with a total of 136 branches to Banco Davivienda of Colombia in cash. The units have $4.3 billion in assets and $2.5 billion in loans.

The London-based banking group has been shedding assets since the beginning of last year when it announced plans to cut costs.



Original source: New York Times