UPDATE: 1/26/12, 11:50 a.m. The names of the Hughes Hubbard & Reed lawyers advising Banco Davivienda have been added to the 14th paragraph of this story.

As part of its continuing effort to shed assets, London-based global banking giant HSBC Holdings announced this week that it has agreed to sell its Latin American businesses to Colombia’s Banco Davivienda for $801 million.

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