HSBC has agreed a deal to acquire the
Kazakhstan retail banking unit of Royal Bank of Scotland (RBS) in a
deal worth up to a maximum of $52 million.
HSBC is snapping up 4 retail branches and 80
ATMs as well as RBS’ retail lending and cards portfolios in the
country.
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News of RBS’ exit from Kazakhstan followed the
sale of its retail banking unit in the United Arab Emirates to Abu
Dhabi Commercial Bank (ADCB) and a deal to sell its interests in
Pakistan to Faysal Bank.
ADCB will pay a total cash consideration equal
to the net asset value of the unit at completion plus a premium of
AED169 million ($46.1 million). At the end of 2009, the net assets
of the business to be transferred amounted to approximately AED200
million.
Faysal, the tenth-largest bank in Pakistan by
assets, is to pay €41 million ($50.7 million) for RBS’ unit in the
country, well below analyst forecasts, including a branch network
of around 80 outlets.
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