HSBC Middle East in talks to sell Lebanese business to Blom Bank

HSBC Bank Middle East, a wholly-owned subsidiary of HSBC Holdings, said on Monday it was in discussions to sell its Lebanese business to Lebanon’s Blom Bank. There was no certainty about whether a binding transaction would result from the discussions but HSBC would make further disclosures if appropriate, it said in an emailed statement. HSBC […]

HSBC Bank Middle East, a wholly-owned subsidiary of HSBC Holdings, said on Monday it was in discussions to sell its Lebanese business to Lebanon’s Blom Bank.

There was no certainty about whether a binding transaction would result from the discussions but HSBC would make further disclosures if appropriate, it said in an emailed statement.

HSBC has been seeking to divest businesses, including in Brazil to Turkey, as part of chief executive Stuart Gulliver’s plan to boost profitability and pay higher dividends to shareholders.

HSBC has been in Lebanon since 1946 and has offices in Dora, Ras Beirut and St Georges Bay, according to its website. The bank employs around 200 people in Lebanon.

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Source: Business

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