HSBC to sell Argentina business as Asia pivot accelerates

HONG KONG -- HSBC Holdings on Tuesday announced the sale of its business in Argentina, saying it will book a $1 billion pretax loss on the move, as the London-based lender continues to unload operations and narrow its focus on Asia.

The $550 million sale will transfer HSBC Latin America to Grupo Financiero Galicia, Argentina's largest private financial group. The deal covers banking, asset management and insurance operations as well as $100 million of subordinated debt issued by HSBC Latin America and its other entities.