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First with the News

HSBC Mulls Sale Of South Africa Units

August 20, 2024
in Economy, Top Stories
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HSBC Mulls Sale Of South Africa Units
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By John Ikani

HSBC Holdings is exploring the sale of its South African holdings to focus on expanding in Asian markets.

Relatedreading

India To Inject $680 Million Into Mauritius’ Economy

South Africa: Court Ruling Allows Men To Adopt Wives’ Surnames

According to a Bloomberg report, potential buyers for the South African branch and securities business include banks from the region, China, and the United Arab Emirates.

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However, there’s no guarantee that a deal will happen and specific terms of any potential agreements are yet to be finalized.

The London-based bank has operated in Africa’s largest economy since 1995.

HSBC Africa’s core businesses are international markets, global banking, and commercial banking. If the sale of its South African operations goes through, HSBC will effectively exit sub-Saharan Africa. The company had previously sold its retail and business banking units in Mauritius to Absa Group Ltd.

Under recently appointed CEO Georges Elhedery, HSBC, with a presence in over 50 markets, has been seeking ways to further cut costs and streamline its operations, mirroring Citigroup CEO Jane Fraser’s strategy.

Elhedery joined HSBC in 2005 and has nearly three decades of experience in the financial sector, holding several leadership roles globally.

He stated: “I am deeply honoured by the trust placed in me to lead this great institution into the future. Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory.”

In parallel, HSBC has proposed a restructuring that would simplify its global banking operations and align it closer to its larger rivals.

The reorganization of some industry-coverage units into five broader groups is seen as the latest sign that the bank is preparing for a potential decline in interest rates.

Over the last three years, HSBC has made a significant strategic shift, strengthening its ties to Asia. It has divested major Western businesses, including those in France and Canada, and reallocated resources, primarily to Southeast Asia and China.

“HSBC plans to sell South Africa units to focus on Asia” was initially created and published by Private Banker International, a Global Data-owned brand.

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