Isbank in Negotiations With HSBC to Buy Pakistan Network
“We consider acquisitions abroad at the right price,” Bali told reporters at the opening of a branch in Istanbul dedicated solely to foreign companies yesterday. “When HSBC announced they were withdrawing from Pakistan, we wanted to be a part of the process. Pakistan is a market Isbank is interested in.”
Isbank, Turkey’s biggest bank by assets, told the Istanbul Stock Exchange on June 7 that it’s carrying out due diligence to buy some of HSBC’s branches in Pakistan.
HSBC, Europe’s largest bank, is in negotiations to sell operations in Pakistan and South Korea as part of plans to exit businesses that aren’t large or profitable enough, it said on April 10. HSBC has 10 branches in the country servicing about 33,000 consumers and businesses, it said at the time.
Isbank shares rose 0.5 percent to 4.11 liras at 5:30 p.m. in Istanbul. The main Istanbul National 100 index increased 0.1 percent.
Isbank has two units in Russia and Germany and branches in countries including the U.K., France, Iraq and Bahrain, according to a written statement handed to reporters yesterday.
Isbank’s Istanbul branch for foreigners started with 90 companies in its portfolio, Bali said. About 30,000 foreign firms operate in Turkey and the branch wants to attract some of them as well as those interested in Turkey, he said.
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