Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 600

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 600
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 America Holdings (UK) Limited for a base consideration of $ 550m . The consideration was adjusted for the results of the business and fair value gains or losses on HSBC Argentina’s securities portfolios during the period between 31 December 2023 and 30 November 2024. HSBC received the purchase consideration in a combination of cash and Galicia’s American Depositary Receipts (‘ADRs‘), with ADRs representing less than a 10% economic interest in Galicia. At 31 December 2024, the fair value of the ADRs received and held as fair value through profit and loss was $ 0.7b n. For the year ended 31 December 2024, we recognised a $ 1.0b n pre-tax loss and we recy cled $ 5.2b n foreig n currency reserve and other reserve losses to the income statement on completion. There was no tax deduction on the loss recognised. Other disposals On 30 May 2024, HSBC Europe BV, a wholly-owned subsidiary of HSBC Bank plc, completed the sale of HSBC Bank (RR) (Limited Liability Company) to Expobank. Foreign currency translation reserve losses of $ 0.1b n were recognised in the income statement upon completion. On 6 July 2024, The Hongkong and Shanghai Banking Corporation Limited (acting through its Mauritius branch) completed the sale of its Wealth and Personal Banking business in Mauritius to Absa Bank (Mauritius) Limited, a wholly-owned subsidiary of Absa Group Limited. The financial impact of the sale was not significant for the Group. On 23 September 2024, HSBC Continental Europe, a wholly owned subsidiary of HSBC Bank plc, reached an agreement to sell its private banking business in Germany to BNP Paribas and the disposal group met the held for sale criteria at 31 December 2024. This sale, which remains subject to works council consultation, is expected to be completed in the second half of 2025. The sale is expected to generate an estimated pre-tax gain on disposal of $ 0.2b n, which will be recognised on completion. On 25 September 2024, HSBC reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd and the disposal group met the held for sale criteria at 31 December 2024. The transaction, which is subject to regulatory and governmental approvals, is expected to complete