HSBC exits Kazakhstan with bank sale

  • AFP, London
  • Updated: Feb 26, 2014 19:10 IST

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.

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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