HSBC exits Lebanon with sale of unit

LONDON: HSBC bank on Wednesday said it had agreed to sell its business in Lebanon to Lebanese peer Blom for an undisclosed amount, ending a 70-year presence in the country.

London-headquartered HSBC is shedding tens of thousands of jobs from its global workforce and slashing costs by exiting non-core operations and focusing its attention on Asia.

It added Wednesday that all employees at the Lebanese unit are expected to transfer to Blom following completion of the deal set for the first half of next year, subject to regulatory approvals.

"HSBC Bank Middle East Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its business in Lebanon to Blom Bank," the statement said.