HSBC completed the sale of its business in Lebanon
Further to its announcement on 16 November 2016, HSBC Bank Middle East Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has completed the sale of its business in Lebanon to BLOM BANK S.A.L. on 16 June 2017, according to a statement from HSBC.
In November 2016, BLOM Bank made its first moves to purchase the HSBC subsidiary. BLOM announced in a statement that it had signed the agreement to acquire the assets and liabilities of HSBC Bank Middle East Limited. It added that this acquisition is subject to regulatory approval from the Central Bank and expected to be completed during the first half of 2017.
“As of June 30, 2016, HSBC Bank Middle East Limited had three branches in Lebanon and approximately $953 million in total assets,” the statement said.