(Reuters) – HSBC said on Tuesday it has agreed to sell its retail banking operations in Bahrain amid a wider restructuring at the bank.
The deal will see a transfer of retail loans, deposits and accounts of about 76,000 customers to Bank of Bahrain and Kuwait, which is majority owned by the governments of both the countries.
Financial details of the transaction were not disclosed.
HSBC has been scaling back its worldwide footprint, exiting dozens of low-returning consumer banking activities, from France to Greece to Canada in the past few years.
The bank said last month it was preparing to wind down its M&A and some equities businesses in Europe and the Americas, accelerating a shift towards Asia in its biggest retrenchment from investment banking in decades.
(Reporting by Prerna Bedi in Bengaluru and Hadeel Al Sayegh in Dubai; Editing by Shilpi Majumdar)
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