Brazil: HSBC to exit country

HSBC has confirmed that the bank is exploring possible strategies for the sale of their Brazilian branch. Banco Santander Brasil’s Chief Executive, Jesús Zabalza, has already shown interest in acquiring their rival’s Brazilian business.

Last February HSBC identified their four weakest markets, which include Brazil, Mexico, Turkey and the USA. The bank has already begun the sale of assets in Brazil and Turkey, although it’s expected to maintain ints Mexico and USA operations.

HSBC’s Brazil branch has suffered heavy losses in recent years, harmed by overall weakness in the sector and it’s small market share. More details on the sale are to be announced on June 9th.

Full content: Money Market UK

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