24th Jan 2006 16:06
HSBC Holdings PLC24 January 2006 HSBC BANK ARGENTINA TO ACQUIRE BANCA NAZIONALE DEL LAVORO ARGENTINA HSBC has signed an agreement with Banca Nazionale del Lavoro SpA to acquire thelatter's banking operations in Argentina, Banca Nazionale del Lavoro S.A. (BNL),for a consideration of US$155 million, to be met from internal resources within Argentina. HSBC Bank Argentina SA has 58 branches throughout the country providing a fullrange of banking and financial products and services, including commercial,consumer and corporate banking, to over 512,000 customers. BNL started operating in Argentina in 1960 and currently has 91 branches in 18provinces, 700,000 active personal customers and 26,700 commercial customers,mainly retail and small and medium-sized businesses. Simon Martin, CEO and President of HSBC Argentina, said: "This acquisition willallow HSBC to increase its distribution network and market presence inArgentina. The size and reach of our combined operations will help us bringeconomies of scale to delivering a wide range of products and services toexisting and prospective customers and so contribute to the profitabledevelopment of the financial sector in Argentina." The transaction is subject to regulatory approval and is expected to becompleted in the first quarter of 2006. After completion, and also subject toregulatory approval, Banca Nazionale del Lavoro Argentina's operations will bemerged into HSBC Bank Argentina. Notes to editors: 1. HSBC in ArgentinaThe HSBC Group has had a presence in Argentina since 1987 when it took a stakein Banco Roberts SA. In 1997, the Group acquired the remaining stake in theRoberts Group holding company and re-named it HSBC Argentina Holdings SA. HSBC Argentina is one of the largest financial organisations in Argentina andcomprises HSBC Bank Argentina, HSBC MAXIMA AFJP, HSBC La Buenos Aires and HSBCNew York Life. The product and service distribution network comprises 99branches and offices spread across the country. 2. The HSBC GroupHSBC Holdings plc serves more than 110 million customers worldwide through morethan 9,700 offices in 77 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of US$1,467billion at 30 June 2005, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. 3. Banca Nazionale Del Lavoro SpABNL is one of the largest banking groups in Italy and among the top 100 banks inthe world. It has about 700 retail branches throughout Italy and offices in some15 other countries. The bank caters to the needs of businesses and publicentities with an emphasis on retail and medium-sized corporate clients, offeringcommercial banking, asset management, insurance and more. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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