According to Quinn, HSBC Argentina “generates substantial earnings volatility” for the bank and is mostly a domestic business with limited linkage to the rest of its international network.
He declared, “Galicia is better positioned to invest in and grow the business.”
Its earnings are also being negatively impacted by its China business. The largest bank in Europe based on market value, the bank announced a sharp decline in quarterly earnings in February, in part due to its exposure to China’s unstable real estate market.
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