HSBC Group said Friday that it has reached an agreement to sell its units in Peru, Colombia, Paraguay and Uruguay to Colombia’s GNB Sudameris for $400 million, Peruvian state news agency Andina reported.
The approval of the deal is subject to regulatory approvals in each of the jurisdictions, as well as other conditions.
Andina said that the sale of HSBC’s units in Colombia and Peru are expected to close in the last quarter of 2012, while the sale of its units in Paraguay and Uruguay should be completed in the first quarter of 2013.
The president of HSBC in Latin America and the Caribbean, Antonio Losada, said the company seeks to focus its business where it sees the best potential for sustainable growth.
HSBC opened its operations in Peru in 2006.
At the end of 2011, the bank had assets totaling $4.4 billion in the four countries. In Peru, the assets totaled $1.3 billion, Andina said.
HSBC Group has 7,200 offices worldwide in more than 80 countries and territories in Europe, the Asia-Pacific, North America, Latin America, Middle East and Northern Africa.
