HSBC in Latin America: Good prices but is there a strategy?

Over the past two years all eyes have been on the moves by Spanish banks into Latin America, with Banco Bilbao Vizcaya (BBV), Banco Santander and Banco Central Hispano (BCH) all piecing together high-profile regional networks. But suddenly a more powerful entrant has arrived on the scene, with HSBC Holdings buying up banks in a rapid succession of deals.

Over the past four months HSBC has spent more than $2 billion for stakes in Bamerindus in Brazil, Banco del Sur in Peru, Grupo Financiero Serfin in Mexico and Banco Roberts in Argentina.