British banking giant HSBC has confirmed that it is mulling various strategic options including a potential sale for its Brazil operation.

The bank said that no final decision has been made to proceed with any transaction and it will make a further statement if or when appropriate.

Earlier this month, HSBC said that it is expected to pick buyer for its unprofitable Brazilian banking unit, HSBC Bank Brasil Banco Múltiplo in mid-June 2015.

The move follows media reports that HSBC had appointed bankers to pursue a possible sale of the business.

HSBC CEO Stuart Gulliver said that bank is planning to cut costs and shore up earnings in businesses in Brazil, Mexico, Turkey and the US.

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The bank added that it is withdrawing from unprofitable markets in a move to reduce costs.