HSBC Said to Join Lloyds Exiting $2 Billion BP, Rosneft Loan
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HSBC Holdings Plc and Lloyds Banking Group Plc pulled out of a loan for BP Plc and Moscow-based OAO Rosneft as the uprising in Ukraine shows no signs of abating, according to a person with knowledge of the matter.
The banks withdrew from the deal for as much as $2 billion after the U.S. and European Union imposed sanctions on Russia, according to the person, who asked not to be identified because they’re not authorized to speak about it. London-based HSBC and Lloyds were hired alongside Bank of China Ltd. and Deutsche Bank AG to arrange the deal for a joint venture between BP and Russia’s largest oil producer last year.