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HSBC exits Kazakhstan with bank sale
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.
Updated on: Feb 26, 2014, 19:10:30 IST
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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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