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HSBC says Losango not up for sale

Bnamericas Published: Wednesday, March 07, 2012

UK banking giant HSBC (NYSE: HBC) does not have any plans to sell its Brazilian consumer finance unit Losango, local news agency Agência Estado reported HSBC Brasil's president, Conrado Engel, as saying. Last year, there were intense rumors in Brazil's media that HSBC was looking to sell Losango as part of a global cost-cutting program focused on shedding business units that were not strategic to the group or underperforming. Losango is one of the biggest players in the Brazilian consumer finance market.

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