HSBC Bank Argentina
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Banco Roberts |
| Founded | 1903 |
| Defunct | December 6, 2024 |
| Fate | Acquired by Banco Galicia and rebranded as Galicia Más |
| Headquarters | Buenos Aires , Argentina |
Area served | Argentina |
| Products | Commercial banking, Retail banking, Corporate banking, Asset management, Insurance |
| Parent | HSBC Holdings plc (until 2024) |
HSBC Bank Argentina S.A. served as the principal HSBC entity in Argentina and ranked as the seventh-largest banking institution in the country, catering to more than 1.2 million clients with comprehensive commercial, retail, and corporate banking solutions.
In April 2024, HSBC reached an agreement to divest its Argentine banking operations to Banco Galicia. The transition to the new brand spanned approximately one year. After the acquisition by Galicia Financial Group, on December 6, 2024, HSBC Argentina officially separated from the global HSBC network and adopted the Galicia Más brand, marking the conclusion of 32 years of uninterrupted service in Argentina.
History
The origins trace back to 1987 when Midland Bank acquired a stake in Banco Roberts, which had been founded in 1903 by the Anglo-South American Bank. Following HSBC Group’s acquisition of Midland in 1992, it secured full ownership of Banco Roberts by 1997 and subsequently rebranded it as HSBC Argentina Holdings SA.
In 2006, HSBC expanded its footprint by acquiring the Argentine operations of Banca Nazionale del Lavoro (BNL) for US$155 million. Operating since 1960, BNL maintained 91 branches across 18 provinces and served around 700,000 individual customers alongside 26,700 business clients. Upon finalizing the acquisition on April 28, 2006, HSBC initially retained the BNL brand under the name "BNL en Argentina es HSBC" for two years to continue supporting approximately 70,000 Italian Argentines receiving pensions from Italy.
Simon Martin, who was serving as President of HSBC Argentina at that time, was appointed in 2007 to lead HSBC Group’s sustainability and corporate responsibility division.
HSBC’s headquarters moved in 2009 from a modern high-rise on Avenida de Mayo—its base since 1996—to a historic Plateresque-style building on Florida Street. This building, completed in 1931 as Banco Popular Argentino's former headquarters, had been acquired by Banco Roberts in 1996 before becoming part of HSBC Argentina.
December 20, 2001 incident
During the December 2001 riots in Argentina, on December 20, security personnel at HSBC’s Buenos Aires headquarters discharged firearms from inside the building toward civilians marching to Plaza de Mayo protesting then-President Fernando de la Rúa, who resigned the following day. Gustavo Ariel Benedetto was fatally wounded by a 9 mm bullet to the head. Subsequent review of HSBC security footage revealed that shots were fired despite no immediate threat posed by protesters who were unable to enter the premises.
Sale of HSBC operation in Argentina in 2024
On April 9, 2024, HSBC declared its intention to sell its Argentine operations to Grupo Financiero Galicia and Galicia Bank for $550 million. This acquisition elevates Galicia to become the foremost private financial institution and the second largest overall bank in Argentina after Banco Nación.
The agreement encompassed HSBC Argentina’s banking activities along with its asset management and insurance divisions, including $100 million in subordinated debt issued by HSBC Bank Argentina. Due to reclassifying these assets as held for sale during Q1 2024, HSBC anticipated a pre-tax loss amounting to $1 billion (€922 million). The transaction was expected to finalize within a year and was completed following regulatory clearance.
Completion of the acquisition process
On November 26, 2024, HSBC Argentina revealed that the concluding phase of its acquisition by Grupo Financiero Galicia and Banco Galicia was scheduled for December 6, 2024, at which point HSBC would officially discontinue its operations within Argentina:
Galicia finalizes acquisition of HSBC Argentina
On December 6, 2024, Grupo Galicia announced the successful conclusion of its purchase of HSBC Argentina:
Business activities
HSBC Argentina ranked among the leading financial institutions in the country, comprising entities such as HSBC Bank Argentina, HSBC MAXIMA AFJP, HSBC La Buenos Aires, and HSBC New York Life. Its local consumer finance division, Proa, drew on knowledge from HSBC Finance Corporation. The organization maintained a network of 139 retail branches across Argentina in addition to offices dedicated to financial services and pension fund management. At the time of acquisition, HSBC Argentina managed deposits totaling around US$3 billion and a loan portfolio close to US$2 billion—each accounting for roughly 4% of the national market.