HSBC Holdings plc has failed to win regulatory approval from
the State Bank of Pakistan for the sale of its business in the country, the
UK-based lender said.
HSBC will now explore alternative options for its banking
business in Pakistan, it said in a Hong Kong Stock Exchange filing on
Wednesday.
HSBC subsidiary HSBC Bank Middle East Limited had been
trying to sell the Pakistan business to JS Bank Limited as part of a global
retreat from countries where it lacked scale or struggled to make a profit.
The bank had announced in April last year that it was in
talks to sell the Pakistan unit, which had just 10 branches.
News Source:
The Daily Star
Dated:- 24-Oct-2013
No comments:
Post a Comment