Last year, the bank decided to sell its division to a creditor in the Russian Federation. The agreement has not yet been approved.
Europe’s biggest bank HSBC suffered a $300 million loss in connection with the expected sale of its Russian business, Reuters reported.
HSBC has released its full-year results for the past year, showing that the financial institution lost $300 million.
In July 2022, the bank decided to sell its division to a local lender Expobank. The deal is still awaiting approval from the Russian government and regulatory authorities.
Deputy Finance Minister Alexei Moiseev said the Russian Federation would block the sale of Russian business to foreign banks.
HSBC’s operations in Russia consist of a corporate banking business that offers a range of lending and investment banking services to Russian and international clients. Before Russia’s full-scale invasion of Ukraine, the bank employed about 200 people.
Swiss bank freezes Russian assets at nearly $20 billion
Earlier it was reported that the income of Russian banks last year decreased by 12 times.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.