HSBC has decided to retain and restructure its unprofitable Turkish unit, Group CEO Stuart Gulliver announced on February 22.
“We have received a number of offers for our business in Turkey since June, none of which were deemed to be in the best interests of shareholders,” Gulliver said in a statement. “We have therefore decided to retain and restructure our Turkish operations, maintaining our wholesale banking business and refocusing our retail banking network”.
Gulliver said on November 2 that he expected that sales process to take a little bit longer. ING abandoned a plan to acquire HSBC’s Turkish unit due to regulatory issues, people familiar with the matter told Bloomberg in December, adding that local banks Garanti and Yapi Kredi were also interested in HSBC’s Turkish operations.
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