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HSBC HOLDINGS Exits South Africa, Transfers Local Biz, Clients to FirstRand Bank: Report
Recommend 10 Positive 27 Negative 8 |
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HSBC HOLDINGS (00005.HK) reached an agreement with FirstRand Bank to transfer the branch's clients, banking assets and liabilities there, with the deal expected to be completed in 4Q25 at the earliest, subject to regulatory and government approvals. It has been reported earlier that, in order to shift its operational focus to Asia, HSBC HOLDINGS is accelerating the divestment of more non-core assets, and its South African corporate banking division may be sold to FirstRand Bank's Rand Merchant Bank. AAStocks Financial News |
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