HSBC is in talks to sell its Russian business to Expobank, in a deal that would add to the exodus of western lenders that has led to a rapid consolidation of the country’s banking industry.
The bank’s Russian subsidiary is a small part of Europe’s largest lender, with assets of Rbs89.9bn ($1.4bn) and almost 250 employees as of the end of June 2021.
Having opened a Russian retail banking operation in 2009 only to close it two years later, HSBC’s operations in the country now focus on providing services to domestic and multinational companies.
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