RBS sells Kazakhstan unit to HSBC

17th Jun 2010 15:13

Royal Bank of Scotland has sold its retail business in Kazakhstan to HSBC for up to $52m (£35m) in cash, taking the number of disposals this week to four.The part-nationalised lender, which should complete this latest transaction on 1 September, will keep its corporate and investment banking franchise in the country."This acquisition reflects HSBC's positive view of Kazakhstan's long term prospects, not least because of its trade flows with China," HSBC said. Today's sale follows news yesterday that the bank, 84% controlled by the taxpayer, has got shot of a Pakistani subsidiary at the second attempt for €41m (£34m). It also offloaded its UAE retail business to Abu Dhabi Commercial Bank (ADCB) for a sum equal to the net asset value of the business at completion, around £37m at the end of 2009, plus a premium of about £31m. On Monday, it agreed to sell its Argentinean branch to Banco Comafi as part of a strategy to scale down its international operations and improve its finances.