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_: Global banking giant HSBC has sold its Pakistan operations to a Pakistani bank 3S Bank Limited in line with its global strategic overhaul, as it faces highly damaging allegations such as money laundering and interest rate manipulation. JS Bank said on September 11 that it signed a sale and purchase deal with HSBC Bank for the acquisition of HSBC-Pakistan operations. HSBC, the second largest foreign bank in terms of assets in Pakistan, has 10 branches with gross assets of about $635 million as of June 30 in the country. JS Bank has won the bid to buy HSBC's Pakistani operations. It has confirmed the deal, yet it did not disclose the sum of the acquisition deal. The analysts view the deal as a positive development as a local bank offering a better price to acquire HSBC Pakistan reflects the strength of the banking sector in Pakistan.
HSBC Holdings Pic approached the State Bank of Pakistan (SBP) in April for sale of its retail business in Pakistan. A total of six other Pakistani banks including Muslim Commercial Bank, United Bank Ltd., KASB Finance, Silk Bank, Habib Bank Limited and the Allied Bank Limited showed interest in acquiring HSBC's operations.
Headquartered in London, HSBC is Europe's biggest bank by assets. It is one of the largest banking and financial services organizations in the world. Its global network comprises over 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
The JS Bank is a subsidiary...