HSBC to sell Russian retail banking business to Citigroup

Published on Tue, 06/14/2011 - 08:00
By FNNO Staff in business, citibank, finance, hbc, HSBC, investing, retail, russia, stock, trading
hsbc, hbc, citibank, russia, retail, business, finance, stock, investing, trading

HSBC (NYSE:HBC) has agreed to sell certain elements of its Russian retail banking business to Citibank (NYSE:C). The gross asset value of the businesses to be sold was approximately $10.7M at March 31. The sale is expected to be concluded in Q3. HSBC announced in April its decision to close its retail banking operations in Russia and to concentrate on its commercial and wholesale banking businesses.

By FNNO Staff
fnnonline@gmail.com

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