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.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up