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HSBC reportedly considering sale of its South African business | Fintech InShorts: Latest fintech news, analysis by experts
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HSBC reportedly considering sale of its South African business
BankingBusinessFinTech
Less than 1 min.Read

HSBC reportedly considering sale of its South African business

Laura M
By Laura M
  • HSBC Holdings is reportedly considering selling its South African business to focus on Asian markets, according to Bloomberg.
  • Potential interested bidders for the South African unit include banks from Africa, China, and the UAE.
  • No deal has been finalized, and discussions are still ongoing.
  • HSBC’s activities in South Africa include corporate and wholesale banking services and a Private Bank representative office.
  • HSBC has had a presence in South Africa since 1995 through its Johannesburg branch and HSBC Securities (South Africa) Pty Ltd.
  • In recent months, HSBC has been divesting various global operations, including the sale of:
    • Its retail and business banking units in Mauritius to Absa Group.
    • Its French retail banking business to Crédit Commercial de France (CCF).
    • Its Argentine banking operations to Grupo Financiero Galicia.
  • These divestments are part of HSBC’s strategy to focus more on Southeast Asia and China.
  • HSBC recently acquired Citi’s retail wealth management portfolio in China and is involved in quantum-proofing cybersecurity trials with the Monetary Authority of Singapore.
  • HSBC announced that Georges Elhedery, the current CFO, will succeed Noel Quinn as the group’s new CEO next month.

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