HSBC Bank Middle East Limited (HBME) has reached an agreement to divest its Pakistani banking business to Meezan Bank, as part of its strategic plan to sell non-core assets, reduce operational costs and boost balance sheet.
Pending receipt of regulatory and other customary approvals including the approval of the direct shareholders in HBME and Meezan, the transaction is likely to conclude in the second half of 2014.
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HSBC Pakistan manages 10 bank branches as at 31 December 2013. Post-acquisition, all the staff of HSBC Pakistan will join Meezan bank.
The deal comes seven months after HSBC canceled the disposal of its Pakistan operations to Karachi-based JS Bank, which failed to secure regulatory approvals.
Meezan Bank said that it will convert the conventional operation of HSBC into Islamic model, following completion of the acquisition.
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