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