HSBC postpones sale of Russian business until 2024

UK financial giant HSBC plans to complete the sale of its Russian business in the first half of 2024, according to their report for the third quarter of 2023.

According to the information, the transaction is subject to approval by the Russian authorities. HSBC estimates the losses associated with the planned sale of their enterprise to HSBC Bank (PP) LLC at $300 million, and this figure was announced in February 2023.

In July 2022, HSBC entered into an agreement to sell its Russian business by acquiring its local bank, Expobank. The amount and other terms of the deal were not disclosed.

Initially, HSBC planned to complete the sale of HSBC Bank in the first half of 2023. But later, in its second quarter report, the group announced that it was postponing the deadline to the second half of 2023.

As of September 30, the assets of ABC Bank are still marked as held for sale, according to HSBC's third quarter report.