HSBC Mulls Over Streamlining Retail Banking Business in Mexico [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
Kong, particularly in Mexico, to mitigate costs further and focus on wealthier “premier” clients. This was revealed by people familiar with the discussions to the Financial Times. Rationale Behind HSBC's Operation Scale Down HSBC is reviewing the regions excluding its core markets to reduce its consumer presence. The company plans to focus on wealthier “premier clients.” HSBC entered Mexico by acquiring Grupo Financiero Bital in 2002, where, in 2012, it faced penalties of more than $2 billion by the U.S. regulatory authorities over anti-money laundering failures. HSBC lacks a competitive scale in Mexico, which is why it aims to scale down its retail business and focus on the premier clients who possess a wealthy wallet as well. The bank is not considering a full-scale pullback out of Mexico, rather it aims to cut back its retail presence meaningfully where it has lagged behind its rivals such as Banco Bilbao Vizcaya Argentaria, S.A. BBVA and Citigroup Inc. 's C Banamex. Fu
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HSBC
Sec Filings
- 12/20/24 - Form 6-K
- 12/19/24 - Form 6-K
- 12/18/24 - Form 6-K
- HSBC's page on the SEC website