Finance
HSBC to Exit South African Market With Sale of Unit to FirstRand
- Transaction to be concluded by the fourth quarter of 2025
- Sale is part of HSBC’s strategy to dispose of non-core assets
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HSBC Holdings Plc agreed to sell its South African corporate branch unit to FirstRand Ltd. as part of its ongoing strategy to dispose of non-core assets.
The transaction is expected to be completed by the fourth quarter of 2025, subject to regulatory approvals, the UK lender said in a statement on Thursday without disclosing financial terms. Bloomberg News reported the sale talks earlier this month.