HSBC has agreed to sell its business in Argentina to domestic lender Grupo Financiero Galicia for $550mn as it exits a market where its business has been affected by hyperinflation and a volatile currency.
The UK-based lender will book a $1bn hit to its pre-tax earnings in the first quarter of 2024 as a result of the sale, the latest in a series of moves to sell off parts of its operations.
HSBC will also have to recognise $4.9bn in historical losses related to the falling value of the peso when the deal closes, which is expected to be within the next 12 months, the bank said on Tuesday. Those losses grew by $1.8bn in 2023.
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