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HindustanTimes Fri,01 Aug 2014

HSBC exits Kazakhstan with bank sale

AFP  London, February 26, 2014
First Published: 19:09 IST(26/2/2014) | Last Updated: 19:10 IST(26/2/2014)

Global banking giant HSBC said on Wednesday that it had agreed to sell its Kazakhstan division to JSC Halyk Bank for US$176 million (128 million euros) in cash.

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The disposal of HSBC Bank Kazakhstan is part of the group's strategy to sell non-core assets, it added in a brief statement.

The transaction was expected to be completed in the fourth quarter of this year.

HSBC had revealed on Monday that in 2013 net profits soared by 15.5% to $16.2 billion, as it pushed ahead with a major cost-cutting programme which is set to continue at least for another two years.


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