HSBC is reportedly planning to cease its Libyan operations as well as close its representative office in Tripoli as part of its strategy to retreat from markets where it has a limited presence.
As part of the closure, the bank has slashed tens of thousands of jobs and sold off dozens of businesses to cut costs and reduce its balance sheet, according to The Telegraph.
The bank’s Tripoli office now employs less than 10 people, and the close sees the bank continue to scale down its operations under Stuart Gulliver, group chief executive of HSBC.
The publication reported that Gulliver is also planning to review the bank’s structure and increase returns by selling assets and by focusing on economies with greatest market share.
The Tripoli office, which was opened in 2006 by former CEO Stephen Green, has managed investments in the North African state.
In June 2013, bank has planned to divest its Iraqi operations for similar reasons. It has also previously sold some of its units including Japanese private bank, Russian retail bank and several Latin American businesses.