Reported 4 months ago
HSBC has completed the sale of its Russian unit to Expobank for an undisclosed fee, following approval from Russian President Vladimir Putin in February. European banks, under pressure to withdraw from Russia, are navigating challenges with exiting the market. Expobank confirmed the completion of the deal, with the unit set to operate under a new name. HSBC's decision to exit Russia was influenced by sanctions and geopolitical tensions, with the Russian unit generating a small portion of the bank's overall revenue.
Source: YAHOO