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Expobank acquires HSBC’s Russian subsidiary

HSBC Bank will continue operations under a new name

MOSCOW, May 29. /TASS/. Expobank has closed the deal on acquisition of the Russian subsidiary earlier owned by the HSBC international banking group, the Expobank’s press service said.

"Expobank successfully completed the deal and acquired 100% participation interests in HSBC (RR) from HSBC Europe B.V. Approvals of the Russian President in accordance with Decree No. 520 and the Central Bank of the Russian Federation were obtained," the Russian bank said.

HSBC Bank will continue operations under a new name. Renaming of the credit institution is expected within a month, a source in the financial market told TASS.

HSBC Bank is operating in Russia since 1996 and specializes in corporate lending. The US included Expobank into its SDN list in late December 2023.