Published: April 2, 2012
Deal for 8,800-customer business grows HSBC’s emirates operation.
HSBC has agreed to buy Lloyds Banking Group’s onshore retail and commercial banking business in the United Arab Emirates.
The deal helps HSBC to grow its existing business in the UAE, which is already the bank’s largest in the Middle East and North Africa.
Lloyds’ UAE business had assets of US$769mn at the end of 2011, with some 8,800 retail and commercial customers and a loan book of US$573mn. The bank says selling the business is part of its strategy to reduce its international operations.