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Putin authorizes deal between Expobank, Russian subsidiary of HSBC

The deal will be finalized after passing regulatory approvals

MOSCOW, February 19. /TASS/. Russian President Vladimir Putin has signed a decree allowing Expobank to acquire 100% of shares in the Russian arm of international banking giant HSBC Bank, as published on the official website of legal information.

"In accordance with Item Five of Russian President’s decree dated August 5, 2022 No. 520 ‘On employment of special economic measures in the financial and fuel and energy sectors due to unfriendly actions of certain foreign states and international organizations’ to allow Expobank Joint Stock Company to acquire 100% of shares of the charter capital of HSBC Bank (RR) (Limited Liability Company) owned by HSBC Europe B.V.," the document says.

TASS has submitted a request to the press service of Expobank for a statement.

A source on the financial market told TASS in early July 2022 that Russia’s Expobank might acquire 100% of shares in HSBC Bank from the international financial group HSBC. The deal will be finalized after passing regulatory approvals, the source added.

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