HSBC has agreed to sell its Chilean retail banking operations to
Banco Itaú Chile – a subsidiary of Itaú Unibanco, Brazil’s largest
private-sector bank by assets.
The sale is subject to regulatory approvals
and should be completed by the end of the fourth quarter of 2011,
HSBC said in a statement. The value of the gross assets to be
disposed off was $20m at 31 August.
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The transaction represents further progress of HSBC’s new global
strategy outlined in May 2011. HSBC will maintain its
investment and commercial banking operations in Chile.
An HSBC spokesperson said: “This transaction
is in line with the bank’s strategy outlined in May. We will
concentrate our continuing operations in Chile around our strengths
in corporate and commercial banking.”
The cost for the transaction has not been
disclosed.
HSBC exited retail operations in Russia and Poland in the first
half of the year and will be
divesting its retail operations in Georgia by early 2012.
For Itau Unibanco, the move continues the
expansion of the Brazilian bank across Latin America. Itau first
started operations in Chile in 2006.
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