22nd Feb 2006 14:04
HSBC Holdings PLC22 February 2006 HSBC TO ACQUIRE LLOYDS TSB'S ASSETS IN PARAGUAY HSBC Latin America Holdings (UK) Limited (HLAH), a wholly owned subsidiary ofHSBC Holdings plc, has entered into an agreement to acquire substantially all of Lloyds TSB's branch assets in Paraguay for a consideration of approximatelyUS$15 million. Lloyds TSB has been in Paraguay for 85 years where it operates six branches,serving some 22,000 clients. Total assets amounted to US$180 million at 31 December 2005. As part of the transaction, Lloyds TSB has agreed to incorporate a new companyinto which the assets and liabilities of the branches will be transferred. Thiswill then be sold to HLAH. Completion of the transaction, which is subject tofinal regulatory approval in Paraguay, is due to take place in the secondquarter of this year. The consideration will be paid at completion of the transaction. Youssef Nasr, HSBC Holdings plc Managing Director for South America, said: "We are pleased to acquire the prestigious Lloyds banking operation in Paraguay and to welcome Lloyds's customers to HSBC. This transaction gives HSBC a presence throughout Mercosur^, an exciting and growing economic association and enables us to better serve the needs of our regional and international customers, particularly in the areas of credit, trade, payments and treasury." Footnote: ^The Mercosur is a trading bloc composed of Argentina, Brazil, Paraguay and Uruguay. It was created in March 1991. Notes to editors: The HSBC GroupHSBC Latin American Holdings (UK) Limited is a member of the HSBC Group which,with over 9,700 offices in 77 countries and territories and assets of US$1,467billion at 30 June 2005, is one of the largest banking and financial servicesorganisations in the world, with a well established presence in Europe, theAsia-Pacific region, the Americas, the Middle East and Africa. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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