After several disposals in the last year, Lloyds TSB's [LLOY.L] Argentine sale would be yet more evidence of its decision to focus on its core UK market. While cutting back in countries where the bank has limited potential makes sense, Lloyds TSB should not necessarily expect an easy time in its home market.
The acquisition of Cruz del Sur enables Royal & SunAlliance to increase its market share in Chile from 6.4% to 22%, making it the market leader. This deal only serves to strengthen its position in Latin America where it already has substantial operations.
Barclays Wealth has announced the closure of its only Latin American office in Buenos Aires. Latin American clients will now be served from the US. The region offers substantial revenues for global wealth managers; however, the right strategy is not easy to find.
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