HSBC to Book $1 Billion Pretax Loss on Argentina Unit Sale (1)

HSBC Holdings Plc agreed to sell its business in Argentina, and will book a $1 billion charge in the first quarter from the disposal as the lender hones its focus on faster growing Asian markets.

The bank will sell the operations to Grupo Financiero Galicia for $550 million, subject to some price adjustments, according to a statement on Tuesday. The deal includes all of HSBC Argentina’s business, which ranges from banking to asset management and insurance, as well as $100 million of subordinated debt.

The move “enables us to focus our resources on higher value opportunities across our international network,” ...