HSBC Gets Russia Unit Sale Approval, Paves Way for Full Exit

HSBC Holdings plc (HSBC) gets approval from Russia’s president Vladimir Putin to sell its Russia unit to Expobank. In July 2022, HSBC agreed to sell a 100% stake in the Russia unit, HSBC Bank (RR) LLC.By June 2021-end, HSBC’s Russia business was worth 89.9 billion rubles and employed nearly 250 people.Post the Russia-Ukraine conflict, many of the world’s top financial companies began either selling or reducing their businesses in Russia because Western sanctions made operating there increasingly difficult.S ...