HSBC to Sell Panama Subsidiary

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

HSBC (NYSE: HSBC  ) has announced that it has entered into an agreement to sell Panamanian subsidiary HSBC Bank (Panama). The buyer is South American financial Bancolombia (NYSE: CIB  ) , which is to pay $2.1 billion in cash for the unit.

The divestment is part of HSBC's overall strategy to reduce its global footprint. More locally, the bank aims to concentrate its efforts in Latin America on the core markets of Brazil, Mexico, and Argentina.

Meanwhile, Bancolombia is aiming for an expanded presence outside of its native Colombia. It already has a presence in Panama, one of the region's strongest economies.

The transaction is subject to approval from the relevant regulatory authorities, among other conditions. It is expected to close by Q3 of this year.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2263734, ~/Articles/ArticleHandler.aspx, 9/30/2016 8:24:02 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 4:02 PM
HSBC $37.61 Up +0.45 +1.21%
HSBC Holdings CAPS Rating: **
CIB $39.04 Up +0.34 +0.88%
Bancolombia CAPS Rating: *****