London-headquartered HSBC continues to adjust its international portfolio, this time with the agreed sale of its wealth, retail and business banking businesses in Mauritius.
HSBC has agreed to sell its wealth and personal banking business as well as its business banking business in Mauritius to Absa Bank, according to a statement.
The deal includes assets and liabilities linked to about 38,000 customers and their relevant supporting employees. The transaction is expected to be completed in the third quarter of 2024, subject to conditions including regulatory approval. Thereafter, HSBC will continue to serve mid-sized and large domestic corporates as well as the local subsidiaries of international firms.
Absa is a pan-African banking group based in Johannesburg, South Africa. It has been operating in Mauritius since 1919 and was formerly known as Barclays Bank Mauritius.
