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HSBC agrees deal to sell Russian unit to Expobank

Friday, July 22, 2022
HSBC agrees deal to sell Russian unit to Expobank © Reuters. FILE PHOTO: A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. REUTERS/Stefan Wermuth/

By Lawrence White

LONDON (Reuters) -HSBC has agreed to sell its Russia business to Expobank, signing a deal shortly before Moscow said it would move to block the sale of foreign banks' Russian businesses in retaliation for restrictions imposed on its own lenders.

"Following a strategic review, HSBC has signed an agreement to sell 100% of its participating interests in HSBC Bank (RR) LLC to Expobank JSC," a spokesperson for the bank told Reuters by email on Thursday.

Completion of the deal would represent HSBC's formal exit from Russia but the bank said the transaction was still subject to regulatory approvals in Russia.

Expobank did not immediately respond to a request for comment.

Last week, Deputy Finance Minister Alexei Moiseev said Russia would block the sale of foreign banks' Russian businesses while Russian banks abroad were also unable to function normally. It is unclear whether this policy could yet scupper HSBC's plans.

Russian divisions of other foreign banks have started looking for staff this month, Reuters reported earlier on Thursday, filling roles left vacant when employees suddenly left the country.

HSBC's business in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers.

It employed around 200 people on the eve of Russia's Feb. 24 invasion of Ukraine, HSBC Chief Financial Officer Ewen Stevenson said at the time. Moscow refers to its actions as its "special military operation".

The bank did not disclose its assets in the business but Stevenson said HSBC's Russia revenue was around $15 million, out of group revenue of $50 billion.

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19-08-2022 14:16:39 (UTC+7)

EUR/USD

1.0088

0.0000 (0.00%)

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EUR/USD

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GBP/USD

1.1918

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USD/JPY

136.55

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AUD/USD

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-0.0005 (-0.07%)

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USD/CAD

1.2969

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EUR/JPY

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+0.68 (+0.49%)

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EUR/CHF

0.9663

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Euro Stoxx 50

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 EUR/USD1.0088↑ Buy
 GBP/USD1.1918Buy
 USD/JPY136.55↑ Buy
 AUD/USD0.6913↑ Sell
 USD/CAD1.2969↑ Buy
 EUR/JPY137.76↑ Buy
 EUR/CHF0.9663Sell
 Gold1,766.95↑ Sell
 Silver19.200↑ Sell
 Copper3.6220↑ Buy
 Crude Oil WTI89.52↑ Sell
 Brent Oil95.55↑ Sell
 Natural Gas9.065↑ Sell
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,764.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,646.61Neutral
 FTSE 1007,525.60Neutral
 Hang Seng19,744.00↑ Buy
 Small Cap 20002,000.73↑ Buy
 IBEX 358,393.50↑ Sell
 BASF43.212↑ Sell
 Bayer53.83Neutral
 Allianz177.07↑ Sell
 Adidas166.88Sell
 Lufthansa6.420↑ Sell
 Siemens AG109.99Neutral
 Deutsche Bank AG8.687↑ Sell
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SJC Eximbank6,590/ 6,690
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SJC HCM6,620/ 6,720
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Cập nhật 19-08-2022 14:16:41
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Cập nhật lúc 14:13:20 19/08/2022
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