HSBC Holdings has continued its acquisition spree in Latin America by announcing late on Friday that its wholly-owned Argentinian subsidiary is strengthening its hold over three pension, annuity and life assurance companies in which it already possesses sizeable stakes.
The US$57.6 million deal will further expose HSBC to Argentina's consumer finance market.
Under the terms of the acquisition, HSBC is buying 14 per cent stakes in Maxima SA AFJP, La Buenos Aires-New York Life Seguros de Retiro (NYLR) and La Buenos Aires-New York Life Seguros de Vida (NYLV).
The purchases will mean that HSBC now owns 49 per cent of Maxima, 40 per cent of NYLR and 40 per cent of NYLV.
'Acquisition of an additional 14 per cent of the equity in each of these three companies will increase the group's participation in the future growth of these businesses,' HSBC said.
SHEEL KOHLI