HSBC has agreed to sell its banking operations
in Pakistan to JS Bank for an undisclosed sum.
According to HSBC, the sale of the lender’s
operations in Pakistan – that constitutes a footprint of 10
branches – represents “further progress in the execution of the
HSBC Group strategy”.
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The transaction, which is subject to
regulatory approval and the approval of the direct shareholders in
HSBC Bank Middle East (HBME) and JS Bank, is expected to complete
in the final quarter of 2012.
As of 30 June 2012, HSBC’s business to be sold
to JS Bank totalled gross assets of PKR60.06bn
($635m).
In May 2011,
HSBC said it is targeting a reduction in costs by fine-tuning its
retail banking business efforts to profitable markets. So far,
HSBC has offloaded its retail banking operations in Russia and
Georgia. Wealth management is the other business unit where
HSBC has been making cutbacks.
JS Bank was formed after the merger of
Jahangir Siddiqui Investment Bank and American Express Bank
Pakistan’s commercial banking operations, and it only commenced
operations in Pakistan as a fully scheduled bank on 30 December,
2006.
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