Banking giant HSBC has scrapped plans for a sale of its Turkish subsidiary and instead decided to restructure the business.

According to HSBC group CEO Stuart Gulliver, the bank will continue operations in the country as the offers for the business were not in the best interest of shareholders.

"We have received a number of offers for our business in Turkey since June, none of which were deemed to be in the best interests of shareholders. We have therefore decided to retain and restructure our Turkish operations, maintaining our wholesale banking business and refocusing our retail banking network.

This will provide better value for shareholders and continue to allow our clients to capitalise on HSBC’s international footprint," Gulliver said in a statement.

The move comes after Dutch lender ING Groep stalled plans to acquire the unprofitable unit in December 2015.

HSBC Turkey includes nearly 300 retail branches as well as corporate and investment banking operations.

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