HSBC To Boost El Salvador Stakes

HSBC is seeking to increase its stake in Banco Salvadoreño (Bancosal) and Inversiones Financieras Bancosal (IFB), and has offered minority shareholders $3 per share for the outstanding stock in IFB and $40 for each Bancosal share. HSBC acquired a 56.2% stake in IFB, the holding company of Bancosal, when it bought Panama’s Grupo Banistmo last November for $1.7 billion. The two public tender offers will cost around $191 million, estimate the Bank. It expects to complete the transactions by the end of March.