HSBC exits South Africa
30 September 2024 South Africa
Image: stock.adobe.com/hanohiki
HSBC has agreed to transfer the business of its branch in South Africa to FirstRand Bank (FRB).
This will see the branch’s clients and banking assets and liabilities transferred to FRB. HSBC’s branch employees will also transfer to FRB as part of the agreement.
Also, Absa has agreed to provide HSBC Bank’s global equities and securities finance clients with continued access to the South African market.
Colin Bell, CEO of HSBC Bank and HSBC Europe, said: “Following a strategic review, we are pleased to have signed agreements with FRB and Absa. They both have extensive networks and are leading corporate and investment banks in the region. They will continue to provide clients with a broad offering in terms of service and products.”
The transactions are expected to be completed in the fourth quarter of 2025 and are subject to regulatory and governmental approvals.
This will see the branch’s clients and banking assets and liabilities transferred to FRB. HSBC’s branch employees will also transfer to FRB as part of the agreement.
Also, Absa has agreed to provide HSBC Bank’s global equities and securities finance clients with continued access to the South African market.
Colin Bell, CEO of HSBC Bank and HSBC Europe, said: “Following a strategic review, we are pleased to have signed agreements with FRB and Absa. They both have extensive networks and are leading corporate and investment banks in the region. They will continue to provide clients with a broad offering in terms of service and products.”
The transactions are expected to be completed in the fourth quarter of 2025 and are subject to regulatory and governmental approvals.
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