British banking giant HSBC is reportedly in detailed talks with Bahrain’s Arab Banking Corporation (ABC) over the sale of its Turkish business.
ABC has emerged as a leading contender to acquire the nearly 300 branches which comprise HSBC’s business in Turkey, Sky News has reported.
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Quoting people familiar with the development, Sky News reported that that a deal with ABC may still not be concluded, as major international banks including BNP Paribas, BBVA and ING too have expressed interest in the business.
Recently, HSBC CEO Stuart Gulliver reveled in his investor day presentation the group’s intention to dispose its Brazilian and Turkish operations as a part of its restructuring and cost-cutting drive.
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