HSBC buys UAE units off Lloyds

HSBC yesterday agreed to buy Lloyds banking group’s commercial and retail businesses in the United Arab Emirates in a bid to strengthen its presence in the Middle East.

The businesses, valued at $769m (£482.6m) last year, hand HSBC an estimated 8,800 customers and a loan book of around $573m in the Middle Eastern region.

Lloyds said the impact of the sale on its accounts was not expected to be material.