British banking group HSBC announced it had reached an agreement with Expobank to sell its Russian business and exit Russia.
“Following a strategic review, HSBC has signed an agreement to sell 100% of its participating interests in HSBC Bank (RR) LLC to Expobank JSC,” an HSBC spokesperson said without revealing financial details of the transaction.
HSBC would soon become the latest international bank to exit Russia after it launched an invasion of Ukraine.
Earlier this week, Russian Deputy Finance Minister Alexei Moiseyev said it would not allow any foreign banks in Russia to sell their assets until the situation improves.
Previously, the Central Bank of Russia said it did not receive a request for purchase for HSBC’s local arm and that no such deal is under consideration.
“An application for the acquisition of HSBC’s Russian business has not been submitted to the Bank of Russia. Thus, the Bank of Russia is not currently studying the possibility of concluding such a transaction,” the Central Bank said.
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