22nd May 2015 05:44
LONDON (Alliance News) - HSBC Holdings PLC Friday confirmed it is exploring strategic options for its Brazilian operations, including a potential sale.
In a small filing to the Hong Kong Stock Exchange, HSBC said no decision has yet been made to proceed with the deal and it will make a further statement when appropriate.
Reuters had reported earlier this month that HSBC was planning to select a preferred bidder for the Brazilian business as early as next month, as part of a broader plan by Chief Executive Stuart Gulliver to offload underperforming assets.
HSBC Bank Brasil Banco Múltiplo SA is the seventh-largest commercial lender in the Brazilian market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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