Global bank HSBC is in talks to sell its Colombian operations and other Latin American holdings as part of its cost-saving strategy, the company announced Thursday.
The U.K.-based banking giant is also considering the sale of offices in Peru, Uruguay and Paraguay, it said in a statement to the Hong Kong Stock Exchange, reported international media.
The statement gave no further details on the talks, but said more information would be provided “if and when appropriate.”
HSBC is one the of world’s largest financial institutions, with offices in 87 countries. Thursday’s statement comes as the bank works to shave off less profitable operations and focus on emerging markets.
HSBC has sold or disposed of 11 businesses since the beginning of 2012, Group Chief Executive Stuart Gulliver announced May 8. The bank also reported first quarter earnings topped $6.8 billion for the year.
Among the sales were offices in Costa Rica, El Salvador and Honduras.
Profits from the bank’s Latin American businesses were up 11% overall in the first quarter of 2012 over the same period last year.
HSBC expanded into Colombia in 2006 with the acquisition of Central American banking giant Banitsmo. The deal added Costa Rica, Nicaragua, Honduras and El Salvador to the list of countries in which it operates.
