Grupo Financiero Galicia to acquire the Argentina business of HSBC for $550m.

Grupo Financiero Galicia, a financial services holding company, agreed to acquire the Argentina business of HSBC, a British universal bank and financial services group, for $550m. “We are pleased to agree the sale of HSBC Argentina. This transaction is another important step in the execution of our strategy and enables us to focus our resources on higher value opportunities across our international network. HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network. Furthermore, given its size, it also generates substantial earnings volatility for the Group when its results are translated into US dollars. Galicia is better placed to invest in and grow the business," Noel Quinn, HSBC CEO.