MOSCOW, February 19 Russian President Vladimir Putin allowed Expobank to acquire HSBC Bank from HSBC Europe B.V., the corresponding order was posted on the website of the official publication of legal acts.
«»To authorize the joint stock company «Expobank» to complete a transaction to acquire 100 percent of the shares in the authorized capital of «HSBC Bank (RR)» (limited liability company) owned by HSBC Europe B. V. (HSBC Europe B.V.),» the document says.
HSBC is a British-Hong Kong banking group. The holding was formed in 1990 as a company that controls the activities of the Hongkong and Shanghai Banking Corporation, which existed since 1865.
The bank has been operating in Russia since 1996. The company signed an agreement to sell the Russian division to Expobank in the summer of 2022.
Last fall, according to the Nikkei publication, the company planned to suspend the money transfer service for corporate clients if they involve Russia or Belarus.