Expobank bought the Russian subsidiary of the British bank HSBC. The deal has been closed, its amount has not been disclosed. In 2022, HSBC estimated its losses from leaving Russia at $300 million.
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Expobank has closed an agreement to buy the Russian subsidiary of the British financial group HSBC. The agreement to purchase 100% of HSBC Bank (RR) LLC has been closed, according to a press release from Expobank.
The transaction amount is not disclosed. In 2022, HSBC abandoned the Russian market and in its report estimated its losses at $300 million.
The parties reached an agreement in July 2022, but it was repeatedly postponed.
Expobank is included in the list of the 40 largest Russian banks. Until 2011 it was a subsidiary of Barclays.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
