March 31, 2014 / 2:16 PM / 4 years ago

HSBC's sale of Uruguay banking business falls through

March 31 (Reuters) - HSBC Holdings Plc said an agreement to sell its banking business in Uruguay to Banco GNB Sudameris had ended.

HSBC, Europe’s biggest bank by market capitalisation, did not give a reason for the agreement falling through, but said on Monday that it was exploring alternative options for a sale of the business.

HSBC struck a deal in 2012 to sell its operations in Colombia, Uruguay, Peru and Paraguay for $400 million to Banco GNB Sudameris.

The European bank has been quitting smaller markets and businesses to cut costs and streamline operations. (Reporting by Karen Rebelo in Bangalore; Editing by Kirti Pandey)

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