HSBC Costa Rica sells IBP shareholding

3 November 2010

HSBC COSTA RICA SELLS IBP SHAREHOLDING

Corporación HSBC (Costa Rica), S.A. has sold its 50 per cent shareholding in IBP Pensiones Operadora de Pensiones Complementarias S.A. ("IBP") to Banco Popular y de Desarrollo Comunal. At 30 June 2010, IBP had gross assets of US$4.1million.

The transaction, which remains subject to regulatory approvals, is expected to be completed in the fourth quarter of 2010.

Media enquiries to Roy Caple on + 52 (01) 55 57216388 or at [email protected]

Notes to editors:

1. Grupo del Istmo Costa Rica, S.A. 

Grupo del Istmo (Costa Rica) S.A. is the holding company of Corporacion HSBC (Costa Rica) S.A. and Grupo del Istmo (Costa Rica) S.A. is 100 per cent owned by HBSC Bank (Panama) S.A.

2. Corporacion HSBC (Costa Rica) S.A. 

Corporación HSBC (Costa Rica) S.A. is 99.83 percent owned by Grupo del Istmo (Costa Rica) S.A. Corporacion HSBC (Costa Rica) S.A. is 100 percent the holding company of Banco HSBC (Costa Rica) S.A and 50 per cent ownership of IBP Pensiones Operadora de Pensiones Complementarias S.A. At 30 June 2010, total assets were US$1,273 millions and equity was US$180 millions. Corporación HSBC (Costa Rica) S.A. shares are listed on the Stock Exchange in Costa Rica.

3. The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,418 billion at 30 June 2010, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.