HSBC sells Kazakh operations for $176m
HSBC has just exited Kazakhstan, selling up its operations in the country.
The bank announced today that it’s sold its Kazakh operations to JSC Halyk Bank – Kazakhstan's second-biggest lender – for $176m (£105.5m) in cash.
The move comes four years after it bought RBS’s business there, in an attempt to exploit fast-growing markets.
But since then, HSBC has been looking to trim back non-core businesses, closing 63 businesses in the last three years. On Monday, it admitted it missed two of its key targets in 2011 when it came to return on equity and cost cutting.
The deal's expected to be completed in the fourth quarter.