LONDON : HSBC HSBA.L| said it still expects to complete the sale of its Russia business in first-half 2023, in the most significant update on the progress of the deal since it said in July 2022 it had agreed to sell the unit to local lender Expobank.Europe's biggest bank has taken a $300 million loss on t
LONDON : HSBC HSBA.L> said it still expects to complete the sale of its Russia business in first-half 2023, in the most significant update on the progress of the deal since it said in July 2022 it had agreed to sell the unit to local lender Expobank.
HSBC said in July last year the deal was pending approval from Russia's government and regulators, shortly before Deputy Finance Minister Alexei Moiseev said Russia would block the sale of foreign banks' Russian businesses. Many multinational corporations moved quickly to exit Russia following its invasion of Ukraine in February last year, but banks have been among the slower sectors to disentangle themselves amid concerns about what Russian law will permit. Moscow calls its action in Ukraine"a special operation".
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