Expobank completes sale of HSBC’s Russian operations
HSBC has finalised the sale of its Russian unit to Expobank, ending two years of negotiations, Reuters reported on Wednesday citing the two lenders’ joint statement.
HSBC’s exit from the Russian market has been on the cards since February, when President Vladimir Putin approved the asset sale to privately owned Expobank to go ahead.
The deal, announced in June 2022, transfers full ownership to Expobank, pending formal registration. The move comes amid pressure on European banks to withdraw from Russia, with Raiffeisen Bank International and UniCredit also facing scrutiny.
HSBC’s exit follows restrictions on business transactions with Russia and Belarus. Expobank plans to continue operations under a new name.
Despite the sale, concerns arise as Expobank faces US sanctions imposed in December.
