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Report: HSBC in discussions to sell Lebanese unit to BLOM BANK

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Report: HSBC in discussions to sell Lebanese unit to BLOM BANK

HSBC Holdings Plc has held talks to sell itsLebanon-based unit to Lebanese lender BLOM BANK SAL, Bloomberg News reported July 25, citingboth lenders.

However, HSBC told the newswire in an emailedstatement that there is no certainty if a binding agreement will be reached. Themove comes as the bank attempts to reduce annual costs by up to $5.0 billion by the end of 2017.

HSBC has three branches and employs about 200people in Lebanon, Bloomberg noted.