HSBC agrees to sell its operations in Pakistan.
Global Banking News-May 13, 2014--HSBC agrees to sell its operations in Pakistan
(C)2014 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 13 May 2014
HSBC Bank Middle East Limited (HBME), an indirect wholly-owned subsidiary of HSBC Holdings plc (LSE: HSBA) (NYSE: HBC) (HKG: 0005), has entered into an agreement to sell its banking business in Pakistan to Meezan Bank Limited (KSE: MEBL).
The transaction, which is subject to regulatory and other customary approvals, including the approval of the direct shareholders in HBME and Meezan, is expected to complete during the second half of 2014.
At December 31, 2013, HMBE had 10 branches and had gross assets of PKR48bn (approximately USD455m). All employees in the business, with a very small number of exceptions, will be offered positions with Meezan upon completion, the report said.
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Distributed via M2 Communications - http://www.m2.com))