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Provider: Thomson Reuters Stock Report

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HSBC Holdings PLC's Subsidiary Announces Completion Of Sale Of Central American Banking Operations

Monday, 10 Dec 2012 03:45am EST 

HSBC Holdings PLC announced that its indirect, wholly owned subsidiary of HSBC Holdings plc (HSBC), announced that it had entered into an agreement to sell the whole of its banking operations in Costa Rica, El Salvador and Honduras to Banco Davivienda S.A., a Colombian-listed banking group (the Disposals). The Disposals, which have received all regulatory and other approvals, have been completed. HSBC received an aggregated cash consideration of USD801 million for the Disposals, which is subject to minor adjustments based on the closing balance of shareholders' equity in each country. HSBC remains committed to its Latin American business, focused primarily on Argentina, Brazil and Mexico, in line with the HSBC Group's strategy. 

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