The British bank HSBC expects to lose $300 million from the sale of business in the Russian Federation this year

British conglomerate HSBC said it expects to complete the sale of its Russian business in the first half of 2023, and that it suffered losses of $300 million from the underpricing of the sale.

It is reported Reuters with reference to a different report of the conglomerate.

Thus, the bank, which is one of the largest in Europe, suffered losses in the amount of 300 million dollars from the expected sale of the business.

HSBC said in July last year that the deal was awaiting approval from the Russian government and regulators, shortly before Russia made it more difficult for foreign banks to sell their Russian business.

The London-based lender confirmed that the deal is still awaiting regulatory approval, but did not provide any further information on the status of that process.

HSBC’s activities in Russia included corporate banking, which offered a wide range of credit and investment banking services to domestic and international clients.

According to the financial director of HSBC, Ewen Stevenson, in February last year, about 200 people worked at the bank.

We remind you:

Oleg Ustenko, adviser to the President of Ukraine on economic issues, said that Ukraine will put forward war crimes charges against JPMorgan Chase, Citi and HSBC executives over Russian funding.

British financial conglomerate HSBC agreed sell your Russian business to the local Expobank.