Published: February 26, 2014
Multinational is selling its Kazakh business as part of a long-term retrenchment programme.
Halyk Bank, Kazakhstan’s second-largest bank by assets, is to buy the share capital of HSBC Bank Kazakhstan.
It will pay US$176mn, based upon a net asset value of US$160mn, HSBC says in a filing to the London Stock Exchange. The transaction is expected to close in the fourth quarter of 2014.
HSBC has been divesting assets since May 2011 in an effort to improve profitability. In January it sold its Jordanian business to Arab Jordan Investment Bank.