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URGENT ¥¥¥ HSBC says to sell Panama unit to Bancolombia for $2.1 bn

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(Globalpost/GlobalPost)

HSBC bank said on Tuesday that it had agreed to sell its Panama subsidiary to Bancolombia for $2.1 billion (1.57 billion euros) in cash as part of its plan to slash costs by offloading non-core assets.

"The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013," HSBC said in a statement.

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http://www.globalpost.com/dispatch/news/afp/130219/urgent-hsbc-says-sell-panama-unit-bancolombia-21-bn