HSBC sells Russian business to ExpoBank

21st Jul 2022 14:06

(Sharecast News) - HSBC has unloaded its Russian business shortly before Moscow announced that it would move to block foreign lenders divesting their operations in the country.

A spokesperson for the lender told Reuters that following completion of a strategic review it had decided to sell 100% of HSBC Bank (RR) LLC to Expobank JSC.

Nonetheless, the transaction remained subject to approval by Russian authorities and it was not clear that it would finally go through.

HSBC's activities in Russia consisted mainly of corporate banking services with roughy 200 local staff on its payrolls and according to the lender's finance chief generated approximately $15m in annual revenues before the war in Ukraine.

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