HSBC Pakistan – JS Bank sale deal not materialized due to non-approval from State Bank of Pakistan. HSBC will now explore other options for its banking business in Pakistan. HSBC Middle East Limited was trying to sell HSBC Pakistan to JS Bank as a strategy to retreat from those countries where it struggled to move profit.
The deal was announced in April this year. HSBC Pakistan has ten branches in Pakistan and gross asset base of around PKR 635 million as of June 30, 2012.
The British bank has also announced shutting down of its brokerage and depository business named HSBC Invest-direct Securities (India) Limited.