HSBC to sell Middle East banking business

20th Jan 2014 13:25

HSBC Bank Middle East, the regional subsidiary of the FTSE 100-listed bank, has agreed to sell its banking business in Jordan to Arab Jordan Investment Bank.The sale, which is part of the group's wider strategy, is expected to be complete in the first half of this year. The employees of the business, which has assets of around $1,203m, will almost all join the new company, the company said. Shares in HSBC declined 0.6% to 673.60p by 13:35. NR