HSBC says to complete Russia quit in January–June 2024

MOSCOW, Oct 30 (PRIME) -- U.K. bank HSBC Holdings plc expects to complete divestment from the Russian business in January–June 2024, as follows from a financial report published on Monday.

"In June 2022, we announced the planned sale of our wholly-owned subsidiary in Russia, HSBC Bank (RR) (Limited Liability Company). Completion of the transaction is subject to governmental approvals, and is now expected in the first half of 2024," the statement read.

"In 2022, a U.S. $0.3 billion loss on the planned sale was recognized, upon reclassification as held for sale in accordance with International Financial Reporting Standards 5. The transaction long-stop date has been extended and as at 30 September 2023, the disposal group remained classified as held for sale," the bank said.

HSBC signed the sale of its Russian business to local Expobank in July.

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