HSBC has agreed to sell its Armenia unit to Ardshinbank, subject to regulatory approval, as part of a series of non-core divestments to streamline its global presence, Reuters reported.
The sale is part of HSBC's strategy to reallocate capital from non-core businesses to higher growth opportunities worldwide.
HSBC has announced that all staff and customer relationships in Armenia will be transferred to Ardshinbank upon completion of the deal, which is expected within the next 12 months.
HSBC has previously announced considering its exit from over a dozen countries, after selling off parts or all of its activities in France, Canada, Russia and Greece.
On January 1, HSBC completed the sale of its French retail business to CCF, a subsidiary of My Money Group. In late December, Royal Bank of Canada was approved to purchase the Canadian unit of the bank.
Ardshinbank is a leading bank in Armenia, having one of the largest branch networks, with over 60 branches across the country.
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