El Popular has reached a deal with HSBC to purchase its unprofitable business in Brazil for $ 5.2bn . This is an all - cash deal that could be completed by June next year , leaving the bank with the Mexican business in Latin America that will increasingly focus on Northern American markets . LONDON—HSBC Holdings PLC agreed to sell its Brazilian business for $5.2 billion on Monday, the latest retreat from its onetime ambition to be “the world’s local bank.” It had also been interested in acquiring the unit .
El Popular has reached a deal with HSBC to purchase its unprofitable business in Brazil for $ 5.2bn . This is an all - cash deal that could be completed by June next year , leaving the bank with the Mexican business in Latin America that will increasingly focus on Northern American markets . It had also been interested in acquiring the unit .