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LONDON (Alliance News) - Asia-focused lender HSBC Holdings PLC is nearing a sale of its Brazilian subsidiary to local rival Bradesco for about USD4 billion, the Financial Times reported quoting the people familiar with the matter.
The report said that HSBC may announce the deal when it reports results on Monday.
Bradesco, the second-largest private sector bank in Brazil, was in exclusive talks with HSBC about buying its operations in the country for close to its book value of about USD4 billion. The talks with Bradesco come after an auction run by Goldman Sachs that attracted several bidders including Spain's Santander.
The report also indicated that HSBC is in exclusive talks to sell its Turkish operations to ING of the Netherlands for USD750 million to USD1 billion.
If the deal is agreed in time, it would allow HSBC to demonstrate early progress on some targets set in its June strategic update.
In June, HSBC said that it planned to sell its operations in Turkey and Brazil, and at the same time, intended to accelerate investments in Asia. The company planned to develop its business in both the Pearl River Delta in Guangdong province, China, and in the ASEAN region. It also wants to rebuild its NAFTA profitability, and set up UK ring-fenced bank.
HSBC was targeting annual cost-saving initiatives of USD4.5 billion to USD5.0 billion by 2017, with estimated costs of USD4.0 billion to USD4.5 billion over that period to achieve these savings.
Copyright RTT News/dpa-AFX
