HSBC fails to win regulatory approval for sale of Pakistan unit
Thursday, 24 October 2013 00:00
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REUTERS: HSBC Holdings PLC has failed to win regulatory approval from the State Bank of Pakistan for the sale of its business in the country, the UK-based lender said.
HSBC will now explore alternative options for its banking business in Pakistan, it said in a Hong Kong Stock Exchange filing on Wednesday.
HSBC subsidiary HSBC Bank Middle East Ltd. had been trying to sell the Pakistan business to JS Bank Ltd. as part of a global retreat from countries where it lacked scale or struggled to make a profit.
The bank had announced in April last year that it was in talks to sell the Pakistan unit, which had just 10 branches.
