HSBC takes legal action against El Salvador

HSBC takes legal action against El Salvador

Economy & Policy Debt Loans El Salvador Mexico United Kingdom Capital Markets

HSBC Latin American Holdings said it has launched legal proceedings against El Salvador for what the company called a breach of its investment treaty with the United Kingdom, a case that is raising concerns about a worsening investment climate in the Central American country. HSBC is seeking to recover at least $49.3 million in damages that the bank alleges were wrongly imposed against it by the Supreme Court of El Salvador, Joaquín Martínez, deputy general counsel litigation at HSBC for Mexico

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