British banking firm HSBC is reportedly gearing up to shut down its Libyan operations in the wake of business restructuring, as the unit is not profitably viable.

The bank is expected to close its representative office in Tripoli, which manages investments in the North African state. The office houses a staff of 10 members, as reported by

HSBC launched the office in 2006 as part of an expansion in the Middle East under former CEO Stephen Green; however, its operations in Libya date back to 1959, when it purchased The British Bank of the Middle East, a retail banking firm.

The UK-headquartered bank also owned a stake in the British Arab Commercial Bank, but sold it to the Libyan Foreign Bank during 2010, according to the publication.

Under the leadership of its CEO Stuart Gulliver, HSBC has divested many unprofitable operations across the globe including Japanese private bank, Russian retail bank, and several Latin American businesses.

Further, the London-based lender has cut tens of thousands of jobs to reduce operational expenses and strengthen its balance sheet.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.