HSBC fails to win regulatory approval for sale of Pakistan unit

HONG KONG Wed Oct 23, 2013 5:05am EDT

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HONG KONG Oct 23 (Reuters) - HSBC Holdings plc has failed to win regulatory approval from the State Bank of Pakistan for the sale of its business in the country, the U.K.-based lender said.

HSBC will now explore alternative options for its banking business in Pakistan, it said in a Hong Kong Stock Exchange filing on Wednesday.

HSBC subsidiary HSBC Bank Middle East Limited had been trying to sell the Pakistan business to JS Bank Limited as part of a global retreat from countries where it lacked scale or struggled to make a profit.

The bank had announced in April last year that it was in talks to sell the Pakistan unit, which had just 10 branches.

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