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.
Go deeper with GlobalData
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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