HSBC said on April 22 it decided to retain its unprofitable Turkish unit. HSBC Turkey reported a net loss of TRY325mn (€102mn) last year, up from a TRY57mn loss in 2014. Assets of the bank declined by 6% last year to TRY31.7bn.
“We received a number of offers for the business in Turkey, none of which would have provided value to our shareholders”, HSBC said in a statement, adding that it has therefore decided to retain and restructure its Turkish operations, maintaining its wholesale business and refocussing its retail network.
HSBC’s Turkey unit had 284 branches at the end of 2015 versus 298 in 2014, while it was employing less than 5,000 people as of December 2015, down from 5,659 staff a year ago.
HSBC was planning to close its 180 branches, including 150 retail branches and 30 corporate branches, people close to the issue told local business news site BusinessHT in March.
|HSBC Turkey (consolidated) Financials|
|Net Interest Income||1,237||1,132||-9%|
|Net Fee & Commissions||670||531||-21%|
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