HSBC has terminated an agreement to sell its banking business in Pakistan after failing to get regulatory approval, the bank said today.
HSBC Bank Middle East Limited (HBME), an indirect wholly-owned subsidiary of HSBC Holdings, confirmed that it has terminated the agreement for the sale of HBME's banking business in Pakistan to J S Bank Limited as regulatory approval has not been received for the same.
"HBME will explore alternative options for its banking business in Pakistan," the bank said.
The bank had announced in April last year that it was in talks to sell the Pakistan unit, which has just 10 branches.
HSBC has said that as of June 30 last year, the bank's Pakistan business had gross assets of about $635 million.
UK-based HSBC is the world's largest bank with assets worth $2.693 trillion and sees Asia as its main market.
