October 23, 2013 / 9:08 AM / 4 years ago

HSBC fails to win regulatory approval for sale of Pakistan unit

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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below