LONDON: Banking giant HSBC has said on Monday that it has agreed to sell its operations in Pakistan – comprising 10 branches – to JS Bank Limited for an undisclosed sum. The British lender said the sale, which it expects to complete in the final quarter of the year, represents further progress in its strategy to shed non-core assets to slash group costs. “HSBC Bank Middle East Limited (HBME), an indirect, wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Pakistan to JS Bank Limited,” it said in a statement. “The transaction, which is subject to regulatory approval and the approval of direct shareholders in HBME and JS Bank Limited, is expected to complete in the final quarter of 2012.” As of June 30, the bank’s Pakistan business had gross assets of about $635 million.
Published in The Express Tribune, September 11th, 2012.
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