HSBC Bank Middle East, a subsidiary of HSBC Holdings, is in talks to offload its Lebanese business to Lebanese lender Blom Bank.
The talks may not result in a binding transaction, Beirut-based Blom Bank said in a statement.
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“A further announcement will be made when appropriate,” the statement added.
HSBC has been operating in Lebanon since 1946 and has a workforce of nearly 200 people in the country.
The bank offers a range of banking facilities in Lebanon including retail banking and financial services for corporate customers from its offices in Dora, Ras Beirut and St Georges Bay.
The bank is looking to sell businesses as part of CEO Stuart Gulliver’s plan to restore profits. As part of this plan, Gulliver has pledged to shed 25,000 jobs to save annual costs by $5bn.
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