LONDON: Global banking giant HSBC said on Wednesday that it had agreed to sell its Kazakhstan division to JSC Halyk Bank for US$176 million (128 million euros) in cash.
The disposal of HSBC Bank Kazakhstan is part of the group's strategy to sell non-core assets, it added in a brief statement.
The transaction was expected to be completed in the fourth quarter of this year.
HSBC had revealed on Monday that in 2013 net profits soared by 15.5 percent to $16.2 billion, as it pushed ahead with a major cost-cutting programme which is set to continue at least for another two years.
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