HSBC Bank, which was previously part of the international banking group HSBC, has been renamed Khvoya Bank. Frank Media drew attention to the changes in the Unified State Register of Legal Entities.
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In May, Expobank bought HSBC’s Russian subsidiary; HSBC estimated the damage from leaving the Russian market in 2022 at $300 million.
The parties reached an agreement on the transaction in 2022. The government commission, which approves all transactions with foreign assets, received a purchase request only in 2023. The parties also waited two years for presidential approval of the deal.
The sources reported that the transaction was carried out at the maximum discount on the market of 90% (normally the discount when selling shares to foreigners is 50%). According to the sources, the transaction amount could be only 2 billion rubles, with the bank’s capital at 17 billion rubles.
Expobank is under US blocking sanctions.
Author:
Natalia Gormaleva
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.
