ING Group, BNP Paribas and Bahrain-based Arab Banking Corporation (ABC) have reportedly submitted bids to acquire HSBC’s Turkish business.

Although the parties have begun one-to-one talks but the bids will be non-binding as the process could still take time to complete, reported Reuters citing sources familiar with the matter.

According to the report, ING and Qatar National Bank have shown interest in buying HSBC’s Turkish business as a whole comprising corporate and investment banking operations in addition to its loss-making retail banking arm.

The source said: "ING’s Turkish unit and BNP’s Turkish partner do not seem extremely excited about the acquisition. Although ABC is the smallest of the three, it seems very aggressive."

HSBC has started auctions to sell its operations in Turkey and Brazil and will commence restructuring in Mexico and the US, observed the publication.

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.