Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
1st November 2011
HSBC to sell Brazil consumer finance unit
HSBC is reported to be seeking a buyer for its Brazilian consumer finance unit, Losango. It is thought most likely to be purchased by one of Brazil's existing players in an attempt to gain improved economies of scale.
The unit is a major direct loan company with a market share of around 20%, offers point of sale credit and also provides white-label credit card schemes. It has over 20m customers and offers the point of sale credit through a network of over 23,000 retailers.
Under HSBC's plan to improve return on assets it decided earlier in this year to sell many businesses, especially those involved in retail banking and consumer credit.