Davivenda Snaps up HSBC’s CentAm Assets
HSBC has sold operations in 3 Central American countries to Colombia’s Davivienda for $801m, as the global bank continues to cut back in LatAm The move also marks a big step for Colombia’s largest bank in its ambitious expansion plans abroad, allowing it to grow some 20%. In the all-cash deal, Davivienda takes over HSBC’s retail, corporate, commercial and insurance businesses in Costa Rica, El Salvador and Honduras, a network of 136 branches. As of September,...
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