Braxit - HSBC’s Brazilian Business To Be Sold?

Hot on the heels of speculation linking the bank with a return to its Hong Kong roots, as AWT reported here, HSBC announced on Friday that it was exploring options on its Brazilian operations and did not rule out selling the business. As the bank is on a global cost cutting drive and the unit is not a stellar performer the sale could well be justified.

The statement released by the bank to the relevant stock exchanges said, "HSBC confirms that it is exploring various strategic options for its operations in Brazil, including the potential sale thereof. At present no decision has been made to proceed with any transaction and HSBC will make a further statement if or when appropriate."

HSBC employs more than 21,000 staff in Brazil, where it has over 800 branches.

Potential suitors for the Brazilian business unit include local bank BTG Pactual who recently acquired BSI Bank from Italian insurance giant Generali, and the Spanish bank Santander who have expressed an interest in the potential purchase of HSBC's assets in South America’s largest economy.

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