HSBC will not sell its business in Mexico, Chief Executive Stuart Gulliver said in an interview published on Monday, as the British bank embarks on a plan to shrink itself to boost profits.
“The future of the Mexican economy is good and it doesn’t make any sense for HSBC to sell its banking operation in Mexico,” Gulliver told Mexico’s Reforma newspaper. “We have everything we need to compete from here.”
In February, Gulliver identified Brazil, Mexico, Turkey and the United States as “problem” countries that have one to two years to prove their worth. It has since said it would sell Brazil and Turkey.
(Reporting by Christine Murray Editing by W Simon)
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