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.
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.
Source: korrespondent
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