Spanish banking group BBVA is planning to bid for HSBC’s retail banking businesses in Brazil and Turkey, Reuters reported citing a report published by Spanish language online news portal CNNExpansion.
"We’ve looked at HSBC’s operations in Turkey and Brazil. They wouldn’t be easy deals. We are going to see, and if we get the opportunity we’ll go for it," news portal CNNExpansion quoted Rodero, head of BBVA global franchises, as saying.
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Recently, HSBC revealed its intentions to sell its operations in Brazil and Turkey, shrink its investment bank and cut up to 25,000 jobs globally in a bid to slash costs and bolster returns to shareholders.
Bidding for the HSBC businesses will enable BBVA to have a chance to venture into Brazil, however it has a non-controlling stake in Turkish lender Garanti Bank.
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