HSBC Holdings PLC has hired advisers to pitch a large chunk of its Brazilian unit to prospective buyers, according to people familiar with the matter.

The bank hired Goldman Sachs to gauge the interest of local lenders including banking giants Banco Bradesco and Banco Santander SA for most of its Brazil unit, these people say.

HSBC and Goldman Sachs both declined to comment.

The move comes just over a month before HSBC is expected to present a refined strategy aimed at appeasing critics who say the bank is too big to manage. It is unclear how much of the Brazil unit, which employs 21,000 people, is up for sale, these people say. HSBC's Latin America division, which also includes Mexico and Argentina, suffered a difficult 2014 with adjusted profit before tax dropping 50% as the Brazilian economy slowed. Meanwhile costs rose in the region, impacted by union agreed salary hikes and inflation.

HSBC runs the seventh largest bank in Brazil with a 2.7% market share, in terms of assets. HSBC Brazil swung to a loss of around GBP200 million ($306.8 million) in 2014.

The prospect of buying banking assets on the cheap has sparked attention of some Brazilian lenders. After spending years focusing on organic expansion, Brazilian banking giant Banco Bradesco said Wednesday that it is open to evaluating acquisition opportunities if one emerges, according to the head of the bank's investor relations Luiz Carlos Angelotti. However, Mr. Angelotti notes there are no ongoing deal talks at the moment.

Earlier this week, the head of the Brazilian unit of Spanish bank Banco Santander SA said it plans to focus on organic growth, but it is open to acquisitions. "Our strategy is to expand organically, however, we will analyze all opportunities that arise," Jesus Zabalza, chief executive of Santander Brasil SA, said in a conference call with reporters. "We are looking after the profitability of our operation. Regarding potential acquisitions, from my side, there is nothing on the table," said the executive.

HSBC is also weighing a retreat from Turkey, according to people familiar with the matter. Come the investor day, its Mexican and U.S. unit are expected to be spared the ax but may come in for heavy restructuring, according to people familiar with the matter.

Write to Max Colchester at max.colchester@wsj.com and Rogerio Jelmayer at rogerio.jelmayer@wsj.com

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