City Of London
HSBC to Exit Russia After Agreeing to Sell Unit to Expobank
- HSBC details deal to sell Russian operations in a statement
- Bank put freeze on Russian business after invasion of Ukraine
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HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine.
The London-based firm said in a statement that it had reached a deal without disclosing the transaction amount. Bloomberg reported this month that talks on a sale of the business to Expobank were at an advanced stage.