HSBC Offloads Mexico’s Independencia

HSBC plans to divest its entire MXP1.45bn (18.7%) stake in Mexican microfinance lender Financiera Independencia. Two trusts operated by the lender’s controlling shareholders intend to acquire 77m of the 127m shares HSBC will sell. The controlling shareholders subsequently plan to reduce the company’s equity through the amortization of 50m million shares at the same price as the purchase from HSBC. The two transactions will boost the controlling shareholders’ stake in the company to 81.2% from 63.9%. HSBC is selling its stake to focus on core banking activities, and its Mexican unit will increase Independencia’s outstanding credit line to MXP2.5bn from MXP2.0bn. Independencia shares closed at MXP11.45 Thursday.