HSBC Bank plc, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell 100% of the share capital of SB JSC HSBC Bank Kazakhstan to JSC Halyk Bank for a consideration of US$176m in cash, based upon a net asset value (“NAV”) of US$160m (“the Transaction”).
The Transaction, which is subject to regulatory approvals and other conditions including customary adjustments relating to NAV at completion, is expected to complete during the fourth quarter of 2014. It represents further progress in the execution of HSBC Group strategy.
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The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,300 offices in 75 countries and territories in Europe, Hong Kong, Rest of Asia-Pacific, North and Latin America, and the Middle East and North Africa. With assets of US$2,671bn at 31 December 2013, the HSBC Group is one of the world’s largest banking and financial services organisations.
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