Monday, Sep 10, 2012
LONDON--Financial services company HSBC Holdings PLC (HSBA.LN) Monday said its unit HSBC Bank Middle East Limited (HBME) has entered into an agreement to sell its banking business in Pakistan to JS Bank Limited (JSBL.KA).
MAIN FACTS:
-Transaction, which is subject to regulatory approval and the approval of the direct shareholders in HBME and JS Bank Limited, is expected to complete in the final quarter of 2012.
-At June 30, the business to be sold had 10 branches and gross assets of 60.06 billion pakistan rupees (635 million dollars).
-No other financial details were disclosed.
-Shares of HSBC Holding at 1507 GMT down 0.1% at 563 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
(END) Dow Jones Newswires
10-09-12 1507GMT
