HSBC has confirmed that it will sell its majority stake in Iraq-based Dar Es Salaam Investment Bank (DES).
HSBC owns shares representing 70.1% of the issued share capital of DES as at 31 December 2012.
Go deeper with GlobalData
The British bank, which had a partnership with DES since October 2005, took the decision to sell the stake subsequent to a strategic review.
HSBC further advised DES that it will not subscribe to any offer of shares by DES as part of its proposed capital increase.
The pulling out of stake from DES is in sync with the bank’s three-year global restructuring process, where it plans to reduce retail banking business in certain Middle Eastern countries and merge its operations in Oman with a local bank.
The bank has also limited its Islamic banking operations.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
