20 January 2014
HSBC AGREES TO SELL ITS BUSINESS IN JORDAN
HSBC Bank Middle East Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Jordan (the 'Business') to Arab Jordan Investment Bank plc ('AJIB'). All employees in the Business, with a very small number of exceptions, are expected to transfer to AJIB as part of the sale. At 30 September 2013, the Business comprised four branches with gross assets of approximately USD1,203m.
The transaction is subject to customary closing conditions and is expected to complete during the first half of 2014. It represents further progress in the execution of HSBC Group strategy.
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,600 offices in 80 countries and territories in Europe, Hong Kong, Rest of Asia-Pacific, North and Latin America, and the Middle East and North Africa. With assets of US$2,723bn at 30 September 2013, the HSBC Group is one of the world's largest banking and financial services organisations.
