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BULLETIN: HSBC Holdings PLC Acquires Lloyds TSB Bank PLC's Brazilian Operations Oct 03
Standard & Poors, Oct 2003
Abstract
LONDON (Standard & Poor's) Oct. 9, 2003--Standard & Poor's Ratings Services said today that the acquisition by HSBC Holdings PLC (HSBC; A+/Stable/A-1) of Lloyds TSB Bank PLC's (AA/Negative/A-1+) Brazilian operations would not affect the ratings or outlooks on these institutions or their related entities. The acquired businesses include Losango, a traditional consumer finance business, in addition to the majority of the assets and liabilities of Lloyds TSB's Brazilian branch and certain Brazilian offshore loan assets. The acquisition, which has a total cost of $815 million, represents a significant increase in HSBC's retail operations in Brazil. HSBC's existing Brazilian subsidiary HSBC Bank Brasil S.A. (foreign currency, B+/Stable/B; local currency, BB/Stable/B) will acquire the branch business, and the U.K.-based HSBC Bank PLC...
Companies mentioned in this report are: HSBC Holdings PLC,HSBC Bank PLC,Lloyds TSB Bank PLC,HSBC Finance Corp.,HSBC Bank Brasil S.A.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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