Saturday, October 25, 2014   

HSBC offloads Kazakh business
(02-26 19:13)

British bank HSBC, which had been fined heavily by US authorities for drug money laundering, said had agreed to sell its Kazakhstan division to JSC Halyk Bank for US$176 million in cash.
The disposal of HSBC Bank Kazakhstan is part of the group's strategy to sell non-core assets, it added in a brief statement.
The transaction was expected to be completed in the fourth quarter of this year.
HSBC said on Monday that in 2013 net profits grew by 15.5 percent to US$16.2 billion.—AFP
   
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