Wall Street

HSBC agrees deal to sell Russian unit to Expobank

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Reuters UK

By Lawrence White LONDON (Reuters) -HSBC has agreed to sell its Russia business to Expobank, signing a deal shortly before Moscow said it would move to block the sale of foreign banks’ Russian businesses in retaliation for restrictions imposed on its own lenders. “Following a strategic review, HSBC has signed an agreement to sell 100% of its participating interests in HSBC Bank (RR) LLC to Expobank JSC,” a spokesperson for the bank told Reuters by email on Thursday. Completion of the deal would represent HSBC’s formal exit from Russia but the bank said the transaction was still subject to regu…

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