29th Sep 2011 14:30
29 September 2011
HSBC TO SELL CHILEAN RETAIL BANKING BUSINESS TO BANCO ITAÚ CHILE
HSBC, through its wholly owned subsidiary HSBC Bank (Chile) has entered into an agreement to sell its retail banking business in Chile to Banco Itaú Chile. The value of the gross assets to be disposed of was US$20m at 31 August 2011.
The transaction, which is subject to regulatory approvals, is expected to be completed in the fourth quarter of 2011.
HSBC will continue to operate in Chile, concentrating on its strengths in Global Banking and Markets and Commercial Banking. The transaction represents further progress in the execution of HSBC's new global strategy outlined in May 2011.
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Note to editors:
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,691bn at 30 June 2011, HSBC is one of the world's largest banking and financial services organisations.
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