16th Apr 2014 10:48
LONDON (Alliance News) - HSBC Holdings PLC Wednesday said one of its subsidiaries has agreed to sell its banking business in India to Doha Bank QSC, with the transaction expected to complete in the second-half.
HSBC Bank Oman SAOG, an indirect 51%-owned subsidiary of HSBC Holdings, has made the agreement to sell the banking business, which at the end of 2013 had two branches and INR3.5 billion in gross assets.
The transaction is subject to shareholder and regulatory approvals.
HSBC has been selling off non-core assets it doesn't consider to be a core part of its activities.
HSBC shares were Wednesday quoted at 617.47 pence, down 0.1%.
By Samuel Agini; [email protected]; @samuelagini
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