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HSBC to sell its Russian subsidiary bank to Expobank — source

HSBC Russia founded in 1996 ranks 67th in terms of the asset size among Russian credit institutions

MOSCOW, July 6. /TASS/. Expobank can purchase 100% in the Russian business of the international financial group HSBC, a source in the financial market told TASS.

"HSBC will sell the Russian business to Expobank. The parties are at the stage of signing the sale and purchase agreement for the 100% participation interest held by HSBC in the charter capital of HSBC Russia," the source said, adding that the transaction amount is not known.

"The deal is planned for closing after all the regulatory approvals will be received," he added.

HSBC Russia founded in 1996 ranks 67th in terms of the asset size among Russian credit institutions.