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COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HSBC sells Central America banks for $801 million

HSBC, Europe’s biggest bank, announced Tuesday the sale of its operations in Costa Rica, El Salvador and Honduras to Colombia’s Banco Davivienda for $801 million in cash.

London-headquartered HSBC said it hoped to complete the deal in the final quarter of 2012.

“The transaction demonstrates our commitment to driving growth and improving returns in Latin America by divesting of businesses that do not meet our investment criteria,” said Antonio Losada, CEO-designate of HSBC Latin America.

HSBC is offloading 136 bank branches with total assets of $4.3 billion and $2.5 billion in loans.

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