British banking giant HSBC is set to agree to sell its business in Turkey to Dutch bank ING Group for about $700-$750m, Reuters has reported.
A deal with ING is expected to be finanlised in the next few days, two people familiar with the matter told the publication.
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ING currently operates in Turkey with 319 branches, over 6,250 employees, and manages $15bn in assets.
ING was one of the three banks to submit a non-binding bid in May 2015, the other two being Bahrain’s Arab Banking and France’s BNP Paribas.
ING could roughly double its assets in Turkey with the acquisition of HSBC Turkey, which has $12bn in assets, operates 291 branches and employs 5,536 people.
The sale is part of HSBC’s global drive to cut costs and assets, boost profitability and reduce complexity.
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