In one of the sector’s biggest deals in recent years, HSBC announced on Tuesday the sale of its banking, insurance and financial asset management businesses to Grupo Galicia. What will happen now to HSBC’s nearly million customers?
In general, when a change of ownership occurs in this area (Itaú becomes Macro, Citibank becomes Santander and even HSBC itself in the early 1990s buys Banco Roberts), the entities are very careful with communication to your customers and the transition happens slowly. Users usually maintain the conditions they had with their original bank.
Pay attention to doubts that you know are generated by this type of ads, HSBC sent a letter to its customers this Tuesday to inform them of the sale. In the note, praises Galicia ensuring that it has been present in the country since 1905 and has almost 9,500 employees. It also makes it clear They will work to ensure the transition is orderly.
It is estimated that the transaction will take 12 months to complete, during which HSBC “it will continue to function normally.”
“At the end of the transition period, which we expect to be completed within the next 12 months, HSBC will become a company owned by Grupo Financiero Galicia, which will continue to provide banking services,” the entity said.
Customers will not have to do anything because the teams from both banks will move from one entity to the other and will work together to “ensure a smooth transition and continuity of service”, reads the note.
Once he The Central Bank authorizes the sale, HSBC will confirm to its customers how transfer times and next steps will be followed (switching credit and debit cards, for example).
HSBC Argentina has more than 100 branches and 3,100 employees. As of December 31, it had deposits of $1,948,215 million, with 1,436,7893 savings accounts274,664 current accounts and 31,307 salary accounts and 401,228 credit card holders, for a total of 1,079,214 cards.
In terms of assets, HSBC was in 10th place as of December 31 in the entire system (including official banks), with 3,137,073,311,000 dollars, while the Third is Galicia behind the Nation and the Province but first as a private bank, with 8,673,081,708 dollars. Together they will therefore be 11,810,155,019,000 and will exceed the Province.
Regarding deposits, Galicia is fourth and HSBC remains in tenth.
Source: Clarin
