HomeEconomyEurope's largest bank has...

Europe’s largest bank has completed the sale of its Russian business

Image: Getty Images

In 2022, HSBC announced for the first time its agreement to sell 100% of the shares of Expobank’s Russian division.

British bank HSBC has completed the sale of its Russian division Expobank. This was reported by Reuters on Wednesday, May 29.

HSBC’s exit from the Russian Federation has been expected since February, when Russian leader Vladimir Putin agreed to sell assets to private Expobank.

An HSBC spokesman confirmed the bank had transferred ownership of the business to a Russian lender. Expobank said in a statement that the division will continue to operate, but under a new name.

HSBC first announced in June 2022 its agreement to sell 100% of the shares of Expobank’s Russian subsidiary.

The 2022 decree bans investors from “unfriendly” countries – those that have imposed sanctions on Russia for its war against Ukraine – from selling shares in major energy projects and banks without getting the president’s approval.

HSBC (Hongkong & Shanghai Banking Corporation) is a British international commercial bank headquartered in London, the largest in Europe by market capitalization and one of the largest in the world.

Let’s recall that last year it was reported that HSBC bank lost $300 million due to the expected sale of its business in Russia.

The Austrian group Raiffeisen Bank International will begin to appear on the Russian market in the summer of 2024.

New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

APU fight was chosen on large frames with BOAS – GBR

The commander of the battalion of the Armed Forces in Donetsk is suspected of fraud with combat payments. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The struggle against one...

The record salvo of the patriot allowed us to control his base in Qatari from Iran missiles

The United States successfully repelled the Iranian missile attack on its base in Qatar. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } During the last Iranian missile strike at the...

Zelensky InVel Sanksia against Untsa Shahed

New sanctions against Russia were imposed by the President of Ukraine Volodymyr Zelenskyy. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The head of state on Friday, June 27, signed...