HSBC Sells Bahrain Retail Banking Operations in Restructuring Move
HSBC announced on Tuesday an agreement to divest its retail banking business in Bahrain as part of its ongoing restructuring efforts.
The transaction entails transferring approximately 76,000 customer accounts, retail loans, and deposits to Bank of Bahrain and Kuwait, a majority-owned entity by the respective governments of both nations. The financial terms of the sale remain undisclosed.
In recent years, HSBC has been streamlining its global presence, shedding low-yielding consumer banking activities in countries like France, Greece, and Canada. The bank recently declared plans to sunset its M&A and certain equities operations in Europe and the Americas, accelerating its transition toward Asia in its most significant investment banking retrenchment in decades.