Jul 6, 2022
HSBC closes in on deal to sell Russian business to Expobank
HSBC is in talks to sell its Russian business to Expobank, in a deal that would add to the exodus of western lenders that has led to a rapid consolidation of the country's banking industry. Expobank has experience taking over foreign banks' Russian operations. Last week, the Financial Times reported that Citigroup, which first announced its intention to leave Russia last summer, was in talks with privately owned Russian companies including Expobank and insurance company Reso-Garantia over a sale. Although HSBC's Russian business is small, the bank has come under pressure from UK members of parliament to follow the lead of Wall Street lenders and announce a full-scale exit from the country. Société Générale took a €3.1bn hit when it agreed to sell its Russian Rosbank subsidiary to oligarch Vladimir Potanin's Interros investment company in April.
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