Deals
HSBC Said to Get Turkey Unit Bids as Citi Hired for Sale
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HSBC Holdings Plc shortlisted three bidders for a sale of its unprofitable Turkish unit after hiring advisers from Citigroup Inc. to help drive a sale, according to three people with knowledge of the matter.
ING Groep NV of the Netherlands, Paris-based BNP Paribas SA and Bahrain-based Arab Banking Corp. submitted binding bids for the unit, the people said, asking not to be named as the process is private. The unit, which made a 32.1 million lira loss in the first quarter, may be valued at about $500 million, according to two of the people.