Why does HSBC like Mexico, but want to quit Brazil?

6/9/15 CNBC

Flag-Pins-Mexico-BrazilRecent headlines about Mexico have been dominated by gang violence, corruption and weak economic growth. However, the country looks set to revive its fortunes, with investors and organizations like global bank HSBC keen to tap its potential.

On Tuesday, Stuart Gulliver, the chief executive of HSBC, described the country as a “logical” place for Europe’s biggest bank by assets to be present, even as he revealed plans to sell operations in rival emerging markets Brazil and Turkey and cut as many as 25,000 staff.

He told investors on a conference call that Mexico was “on the cusp of a major take-off” thanks to energy reforms introduced by controversial President Enrique Pena Nieto.

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