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HSBC confirms it is exploring sale of Brazil unit

Reuters - UK Focus

HONG KONG, May 22 (Reuters) - HSBC Holdings Plc (Xetra: HBC2.DE - news) is exploring the sale of its Brazilian unit, the UK-based lender said in a stock exchange filing in Hong Kong on Friday.

Reuters reported on May 13 that HSBC would select a preferred bidder for the struggling business by as early as next month, as part of a broader plan by Chief Executive Stuart Gulliver to dispose of underperforming assets.

HSBC at that time declined to comment on the possible sale.

HSBC Bank Brasil Banco Múltiplo SA, the nation's seventh-largest commercial lender, lost a net 442 million reais last year. (Reporting By Lawrence White; Editing by Gopakumar Warrier)