Deals
HSBC Reaches Agreement for Sale of Lebanese Unit to Blom Bank
- HSBC operates 3 branches in Lebanon, to keep private banking
- Blom Bank says it will release statement later today on topic
This article is for subscribers only.
HSBC Holdings Plc, the London-based lender scaling back its global presence, reached an agreement to sell its Lebanese business to Blom Bank SAL.
The transaction is expected to be completed by the first half of 2017 and is subject to approval from Banque du Liban, Blom Bank said Wednesday in an e-mailed statement. HSBC will continue to operate its private banking business in the country, two people with knowledge of the matter said, asking not to be identified as the information isn’t public.