HSBC mulls fleeing Turkey amidst bearish economy

The bank will sell its operations in the country if it can find a local buyer.

HSBC is considering selling its Turkey business due to a weak economic outlook and currency, a Reuters report revealed.

It will sell its operations if it can find a local buyer, but the bank has yet to make a final decision, according to a source.

This will be one of the bank’s biggest retreats in recent years, as it has already shrank from 315 branches and around 6,000 staff in 2013 to around 80 branches and 2,000 staff in September 2019.

The bank is also thinking about letting go of businesses in markets where it couldn’t compete with other players, such as Armenia, Greece, and Oman.

Here's more from Reuters.