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HSBC to offload its banking business in Pakistan

HSBC has agreed to dispose of its Pakistani banking business, which comprises 10 branches, to JS Bank for an undisclosed transaction.

HSBC said in a statement, "HSBC Bank Middle East Ltd (HBME), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Pakistan to JS Bank Ltd."

The London based lender is on a spree of selling its non-core assets and unprofitable operations across the globe for the last few years, with an aim to focus on the domestic front as well as to boost the balance sheet.

Other terms of the deal have not been disclosed, but it is expected that the transaction will complete in the final quarter of this year.

"The transaction, which is subject to regulatory approval and the approval of the direct shareholders in HBME and JS Bank Ltd, is expected to complete in the final quarter of 2012.

"It represents further progress in the execution of the HSBC Group strategy."

According to the financial data published by the bank, as of 30 June 2012, HSBC’s Pakistan business owned gross assets of about $635m.