HSBC had agreed to sell its operations in Pakistan to the Asian country’s JS Bank Limited for an undisclosed sum.
The operations comprise 10 branches.
“HSBC Bank Middle East Limited (HBME), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Pakistan to JS Bank Limited,” it said in a statement.
“The transaction, which is subject to regulatory approval and the approval of the direct shareholders in HBME and JS Bank Limited, is expected to complete in the final quarter of 2012.
HSBC said that as of June 30, the bank’s Pakistan business had gross assets of about $635 million.
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