by Staff Writers
Hong Kong (AFP) May 10, 2012
HSBC is in talks to sell assets in several South American countries, the banking giant said Thursday, as part of its plans to streamline global operations to cut costs.
Europe's biggest bank said in a statement to the Hong Kong stock exchange, where it is listed, that it "is in discussions regarding the possible sale of its operations in Colombia, Peru, Uruguay and Paraguay".
"HSBC will make a further announcement if or when appropriate," the brief statement said, without elaborating on the talks.
HSBC chief executive Stuart Gulliver last year announced plans to focus on high-growth emerging markets and save up to $3.5 billion through asset sales and a war on costs, including axing 30,000 jobs globally by 2013.
HSBC has already disposed of its United States credit card and retail services business, as well as the 195-branch network primarily in upstate New York.
In March, it sold its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. It has also sold its Canadian retail brokerage and exited retail banking in Russia, Chile and Poland.
HSBC announced Tuesday that its underlying pre-tax profits rose 25 percent to $6.8 billion in the first quarter, helped by emerging markets growth and higher income at its investment banking division.
"We have had a good start to the year," Gulliver has said.
HSBC -- which unlike many of its rivals survived the 2008 crisis without state aid -- was founded in Hong Kong and Shanghai in 1865, although it remains headquartered in London.
Global Trade News
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
Outside View: Fix the trade deficit
College Park, Md. (UPI) May 9, 2012
The U.S. Commerce Department is expected Thursday to report the deficit on international trade in goods and services was $49.5 billion in March, up from $46.0 billion a month earlier. The $600 billion annual deficit is the most significant barrier to achieving a robust economic recovery and creating jobs, and oil and consumer goods from China account for virtually the entire problem. ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|