Insurance - Mexico - HSBC's Mexican subsidiary to sell finance division to Grupo Financiero Aserta

HSBC's Mexican subsidiary Grupo Financiero HSBC has agreed to sell, for an undisclosed sum, its financial unit HSBC Fianzas to Mexican financial group Grupo Financiero Aserta, according to an HSBC disclosure to the market.

The sale forms part of HSBC's international cost-cutting strategy of selling non-core assets and concentrating on key markets. HSBC Fianzas had gross assets of around 544mn pesos (US$41mn) as of June 30, according to the note.

Grupo Financiero Aserta comprises the companies Afianzadora Insurgentes, Afianzadora Aserta and Seguros Alcanza, and has a market share of around 25%, according to CNN Expansi?n.

The transaction is subject to regulatory approval and is expected to be completed in the first quarter of 2014, said HSBC.

Source: http://www.bnamericas.com/news/insurance/hsbc-mexican-subsidiary-to-sell-finance-division-to-grupo-financiero-aserta

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