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HSBC contemplates sale of Turkey business to ING

BRUSSELS: HSBC is reportedly planning to divest its troubled business in Turkey to the Netherlands-based multinational banking and financial services company ING Group in a transaction worth around $700-$750m.

Two people with knowledge of the matter told Reuters that the company’s latest decision is part of its strategy to reduce costs and increase profits.

With the purchase of HSBC’s business, ING will be able to double its business around $15bn of assets in Turkey.

The deal is expected to be finalized in the next few days.

Earlier the sources were quoted by the news agency as saying that ING was one of three banks including Bahrain’s Arab Banking and France’s BNP Paribas to submit a non-binding bid during May.

Last year, HSBC’s Turkish business is said to have lost $64m. The bank has around 300 retail branches and corporate as well as investment banking operations in the country.