Another European bank is said to be looking at the exit in South Africa, Bloomberg reports.
HSBC Holdings Plc is weighing a sale of its South African businesses as the lender focuses on Asian markets, according to people with knowledge of the matter.
The details of any potential deals have yet to be finalised, and there is no guarantee that any transactions will go ahead, the people said.HSBC Africa’s principal activities are commercial banking, global banking and global markets, according to its website. HSBC which has businesses in more than 50 markets, has been seeking ways to further cut costs and complexity under newly appointed Chief Executive Officer Georges Elhedery, similar to a plan embarked upon by Citigroup Inc. CEO Jane Fraser.
Efforts are also underway to cut the bank’s expense bill, with moves to slow hiring and rein in travel and entertainment costs, Bloomberg News reported last month.
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