HSBC has decided to sell its local operations to Meezan Bank.
Since the beginning of financial crisis in 2007, many foreign banks have either left or curtailed their business in Pakistan.
“Meezan Bank Limited has entered into an agreement with HSBC Bank Middle East Limited (HBME), an indirect wholly owned subsidiary of HSBC Holdings plc, to acquire (through a process of amalgamation) HSBC’s banking business in Pakistan (HSBC Pakistan),” said Meezan Bank on Friday.
The amalgamation is expected to be completed in the second half of this year, and is subject to regulatory and other relevant approvals including the approval of direct shareholders of Meezan Bank and HMBE.
Any expected date?