EMERGING MARKETS-Mexico's peso lags Latam FX after inflation data
Posted on Tuesday April 09, 2024
* Mexico headline inflation speeds up slightly in March * El Salvador launches tender offer for external debt due 2025-2029 * Grupo Financiero Galicia to buy HSBC business for $550 mln * Latam stocks up 1.0%, FX adds 0.5%. Mexico's headline inflation reached 4.42% in March, a modest increase from the 4.40% seen in February, although below the 4.50% expected by economists polled by Reuters. Meanwhile, core inflation, that excludes some volatile food and energy prices, continued to moderate, standing at 4.55% in March, a decrease from the previous month's 4.64%.
HSBC Still Committed to U.S. After Taking $1 Billion Hit to Exit Argentina
Posted on Tuesday April 09, 2024
HSBC stressed its commitment to the U.S., after striking the latest of several deals that will substantially reduce its presence in the Americas. Europe's largest bank by market value agreed to sell its business in Argentina for $550 million to Grupo Financiero Galicia, one of the Latin American country's biggest lenders. + HSBC expects to incur a roughly $1 billion hit to quarterly pretax profit.
HSBC to Sell Argentina Business in Latest Market Exit
Posted on Monday April 08, 2024
HSBC Holdings is selling its Argentina business for over half a billion dollars, the bank’s latest exit from markets that are no longer core to its business strategy.
HSBC takes $1 billion hit from Argentina sale as Asia pivot continues
Posted on Monday April 08, 2024
LONDON (Reuters) -HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia. HSBC is selling the business, which covers banking, asset management and insurance, to Argentina's fifth largest bank Grupo Financiero Galicia for $550 million, the British bank said. HSBC CEO Noel Quinn has sought to simplify the sprawling lender to improve performance by exiting several markets in which it has under-performed, including France and Canada.
