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HSBC sells part of business to Citibank

HSBC Russian daughter enterprise HSBC Bank is selling a portion of its retail business to Citibank, Interfax reports.

According to HSBC, the assets involved in the transaction were worth 305.8m RUR on March 31, 2011. The deal is expected to go through in the third quarter of 2011.

HSBC decided to close its private banking and retail divisions in Russia and to focus on the business customer sector in April 2011.

In fact, another large British Bank, Barclays, also made the decision to stop working on the retail services in Russia a little while earlier, Interfax observes.
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