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HSBC to sell Pak unit to Meezan Bank

HSBC has decided to sell its operations in Pakistan to Meezan Bank and is set to become another foreign bank to pack up its business in Pakistan. Meezan Bank has entered into an agreement with HSBC Bank Middle East, an indirect wholly owned subsidiary of HSBC Holdings, to acquire (through a process of amalgamation) HSBC’s banking business in Pakistan (HSBC Pakistan), Meezan Bank said. The amalgamation is expected to be completed in the second half of this year, and is subject to regulatory and other relevant approvals including the approval of direct shareholders of Meezan Bank and HMBE. Most foreign banks operating in Pakistan are not doing real banking as they like to remain at a distance with the private sector. The foreign banks have been making profits but their entire income comes from investment into the government papers. The HSBC Pakistan business has 10 branches and total assets of Rs 48 billion.

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