HSBC intends to close a deal to sell a bank in Russia in the first half of the year
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The British bank HSBC intends to complete the sale of its business in Russia in the first half of 2023, according to its annual report published on its website. website. The loss from the planned sale of the Russian HSBC Bank is estimated at €300 million.
“On June 30, 2022, following a strategic review of our business in Russia, HSBC Europe (a subsidiary of HSBC Bank) entered into an agreement for the planned sale of its subsidiary, HSBC Bank. The transaction is subject to regulatory and government approval and is expected to close in the first half of 2023.pdf) HSBC.
In July 2022 HSBC agreed on the sale of the Russian business to Expobank, owned by entrepreneur Igor Kim. Completion of the transaction de jure will mean the final departure of the group from Russia. HSBC will be the second major banking group after the French Societe Generale, which will leave the Russian market amid the start of military operations in Ukraine. Societe Generale in April sold their assets in Russia to Vladimir Potanin’s Interros. Deal must get approval from the Central Bank and the Ministry of Finance.
Details – in the publication “Kommersant” “HSBC Goes English”.
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