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HSBC agrees deal to sell Lebanon business

Published 16/11/2016

HSBC reaches deal to sell Lebanon operation
HSBC reaches deal to sell Lebanon operation

Banking giant HSBC has struck a deal to sell its Lebanon business to Middle East lender Blom Bank.

The undisclosed deal is slated for completion during the first half of next year, with all affected staff switching to Blom.

HSBC said the Lebanon operation included three branches and total assets of around 953 million US dollars (£767 million).

Shares in HSBC were down more than 1% on the London Stock Exchange.

The announcement comes after HSBC said last week that pre-tax profits had tumbled 86% in the third quarter as it stomached a hefty hit from the disposal of its Brazilian business.

Reported pre-tax profits hit 843 million US dollars (£678 million) in the three months to the end of September, down from 6.097 billion US dollars (£4.905 billion) over the period last year.

Lebanon-based Blom recorded a net profit of 344 million US dollars (£277 million) in the nine months to September this year.

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