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Evening Standard

Business

Simon English

HSBC exits Argentina nursing $1 billion in losses

HSBC Argentina Cocaine Group Shore Capital

HSBC moved to conclude another South American misadventure today when it sold its troubled Argentinian arm for $550 million, leaving a loss of $1 billion.

The sale to Grupo Financiero Galicia will also lead to nearly $5 billion of currency losses due to the weakness of the Argentine peso.

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