HSBC Bank Argentina

HSBC Bank Argentina S.A. was the principal HSBC operating company in Argentina. It was the seventh-largest bank in the country, it provided a full range of banking and financial products and services, including commercial, consumer and corporate banking, to over 1.2 million customers.

In April 2024, HSBC reached an agreement to sell its banking operations in Argentina to Banco Galicia.[1] The re-brand process took about 12 months.[2] As a result of the acquisition by Galicia Financial Group, on December 6, 2024, at 7:00 p.m., HSBC Argentina disconnected from the global HSBC Group network and progressively switched to the Galicia Más brand, officially ceasing to exist in Argentina after 32 years of uninterrupted operations in the country.

History

Midland Bank purchased a stake in Banco Roberts, a subsidiary established in 1903 by the historic

Sale of HSBC operation in Argentina in 2024

On April 9, 2024, HSBC reported that it sold its business in Argentina for $550 million to Grupo Financiero Galicia and Galicia Bank. This will make Galicia the country's leading private financial institution and the second largest by size behind Banco Nación.[6][7]

The operation includes the sale of all of HSBC Argentina's businesses, including the Bank, Asset Management, and its insurance company, in addition to $100 million in subordinated debt issued by HSBC Bank Argentina.[8][9]

"'Galicia will acquire all of HSBC Argentina's businesses including the bank, asset management and insurance along with US$100 million of subordinated debt issued by HSBC Bank Argentina and held by other HSBC entities, for a consideration of US$ 550 million, which will be adjusted by the business results and the fair value gains or losses of HSBC Argentina's securities portfolio during the period between December 31, 2023 and the closing of the operation,' detailed the official announcement"

HSBC Holdings plc estimates that it will assume an adverse pre-tax impact of $1 billion (€922 million) following the reclassification of the business as held for sale in the first quarter of 2024. From the date of sale, it was estimated that the transaction would be completed within the next 12 months, a fact that already happened when the necessary regulations were approved.

Final stage of acquisition

On November 26, 2024, HSBC Argentina reported through its website that the final stage of the acquisition and the change of commercial brand scheduled for December 6, 2024, the day on which HSBC would cease to exist in Argentina officially:

"'We want to inform you that the closing of the sale of HSBC Argentina to Grupo Financiero Galicia and Banco Galicia is expected to be completed on December 6, 2024. From that moment on, Grupo Financiero Galicia and Banco Galicia will acquire ownership of HSBC Argentina, which will have the temporary name Galicia Más, and which will operate separately from Banco Galicia until the integration of Banco Galicia and Galicia Más, which is expected in 2025.'"

Galicia definitively acquires HSBC Argentina

On Friday, December 6, 2024, Grupo Galicia announces that the final stage of the acquisition was completed and acquired full ownership of HSBC Argentina in a statement.

"'Buenos Aires, December 6, 2024.

Grupo Financiero Galicia and Banco Galicia report that the purchase of all the operations of the HSBC Group in Argentina was completed, which include the Bank, the Common Investment Fund Administrator and the Insurance companies Retirement and Life. The transaction had been made public on April 9, was approved by the Central Bank of the Argentine Republic on September 12 and, finally, the technological separation of HSBC Argentina from HSBC Global was completed, allowing the completion of the operation.

The closing of the transaction involved the payment of US$ 275 million, the issuance and delivery of 11.38 million American Depositary Receipts (ADRs) by Grupo Financiero Galicia plus a price adjustment in accordance with an agreed mechanism.

type	Private
foundation	1903
location	Hipolito Bouchard 557, Buenos Aires, Argentina
defunct	December 6, 2024
fate	* Disappearance of the HSBC brand in Argentina * Merger with Banco Galicia as a result of the acquisition
key people	Julian Aristiqui (president)
industry	Finance and Insurance Pension funds
products	Financial services
successor	Galicia Más
homepage	hsbc.com.ar

HSBC Bank Argentina

History

December 20, 2001, incident

Sale of HSBC operation in Argentina in 2024

Final stage of acquisition

Galicia definitively acquires HSBC Argentina

Operations

See also

External links

References