HSBC Holdings, the biggest banking and financial services organizations in the world, is planning to sell its consumer finance unit in Brazil as the U.K. group to sharpen returns and cut costs, Financial Times reports. J.P. Morgan has been appointed to arrange the transaction.
The group’s Losango unit is likely to be of interest to Brazil’s domestic commercial banks, which are dominated by Banco Bradesco, Banco do Brasil, Itaú-Unibanco, and Banco Santander Brasil. The lender purchased Losango from Lloyds in 2003 as part of $815 million acquisition of the bank’s total Brazilian assets.
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HSBC Holdings J.P. Morgan Brazil U.K. HSBC