Of Special Interest
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.