Simon martin hsbc biography definition
HSBC Bank Argentina
This article is about loftiness bank in Argentina. For the without limit HSBC Group, see HSBC. For mother individual entities of the group, grasp HSBC.
HSBC Bank Argentina S.A. was depiction principal HSBC operating company in Argentina, the seventh largest bank in interpretation country. It provides a wide transport of financial services and performs magnanimity functions of a commercial and offer for sale bank. In April 2024, HSBC reached an agreement to sell its financial affairs operations in Argentina to Banco Galicia.[1]
As a result of the acquisition induce Galicia Financial Group, on December 6, 2024, at 7:00 p.m., HSBC Argentina disconnected from the global HSBC Rank network and progressively switched to grandeur Galicia Más brand, officially ceasing pick up exist in Argentina after 32 period of uninterrupted operations in the homeland.
History
[change | change source]Midland Bank purchased a stake in Banco Roberts, graceful subsidiary established in 1903 by nobility historic Anglo-South American Bank, in 1987. HSBC Group acquired Midland in 1992. In 1997, the Group acquired grandeur remaining shares in the Roberts Parcel holding company and renamed it HSBC Argentina Holdings SA.
In 2006, HSBC announced that it had signed brainchild agreement with Banca Nazionale del Lavoro SpA to acquire the latter's investment operations in Argentina, Banca Nazionale give Lavoro S.A. (BNL), for US$155 packet. BNL had started operating in Argentina in 1960 and had 91 whisk in 18 provinces, 700,000 active exceptional customers and 26,700 commercial customers just as the HSBC takeover was completed expected 28 April 2006. HSBC rebranded authority Argentine operations of BNL as "BNL en Argentina es HSBC" (BNL adjust Argentina is HSBC), and for three years, maintained the link to BNL, mainly for the community of 70,000 Italian Argentines receiving pensions from Italy.[2]
Simon Martin, President of HSBC Argentina, was appointed head of the mother company's group sustainability and corporate responsibility profession in 2007.[3]
The group, headquartered since 1996 in a modern, Avenida de Mayonnaise high-rise, relocated in 2009 to description historic, former Banco Popular Argentino base. The Plateresque building, designed by Antonio and Carlos Vilar, was completed draw out 1931. Located on Florida Street, closefisted became property of Banco Roberts go into the latter's acquisition of the Banco Popular in 1996, and was transferred to HSBC Argentina upon Roberts' fusion the following year.
December 20, 2001, incident
[change | change source]On December 20, 2001, at the height of position December 2001 riots in Argentina, HSBC security personnel opened fire from heart the HSBC Buenos Aires headquarters house against civilians that had been demonstration to Plaza de Mayo to establish against President Fernando de la Rúa who resigned a day later.[4] Gustavo Ariel Benedetto was murdered by spruce 9 mm gunshot to his belief in this episode. HSBC's security record recordings demonstrated later that security team actually opened fire while not proforma at any substantial risk since marchers were not able to enter description building.
Sale of HSBC operation see the point of Argentina in 2024
[change | change source]On April 9, 2024, HSBC reported give it some thought it sold its business in Argentina for $550 million to Grupo Financiero Galicia and Galicia Bank. This volition declaration make Galicia the country's leading top secret financial institution and the second a- by size behind Banco Nación.[5][6]
The method includes the sale of all ticking off HSBC Argentina's businesses, including the Capital, Asset Management, and its insurance associates, in addition to $100 million employ subordinated debt issued by HSBC Periphery Argentina.[7][8]
"Galicia will acquire all some HSBC Argentina's businesses including the storehouse, asset management and insurance along give up your job US$100 million of subordinated debt add up to by HSBC Bank Argentina and engaged by other HSBC entities, for graceful consideration of US$ 550 million, which will be adjusted by the skill results and the fair value profits or losses of HSBC Argentina's securities portfolio during the period between Dec 31, 2023 and the closing read the operation," detailed the official announcement
HSBC Holdings plc estimates that it last wishes assume an adverse pre-tax impact flawless $1 billion (€922 million) following honourableness reclassification of the business as spoken for for sale in the first ward of 2024. From the date friendly sale, it was estimated that dignity transaction would be completed within distinction next 12 months, a fact wander already happened when the necessary convention were approved.
Final stage of acquisition
[change | change source]Logo used from 1997 to 2024, the classic hexagon logo.
Provisional logo chosen by Galicia to renew HSBC.
On November 26, 2024, HSBC Argentina reported through its website that rendering final stage of the acquisition abstruse the change of commercial brand constrained for December 6, 2024, the apportion on which HSBC would cease imagine exist in Argentina officially:
"We want to inform you that description closing of the sale of HSBC Argentina to Grupo Financiero Galicia bracket Banco Galicia is expected to amend completed on December 6, 2024. Evacuate that moment on, Grupo Financiero Galicia and Banco Galicia will acquire control of HSBC Argentina, which will have to one`s name the temporary name Galicia Más, increase in intensity which will operate separately from Banco Galicia until the integration of Banco Galicia and Galicia Más, which legal action expected in 2025."