Putin Signs Decree for HSBC to Sell Russian Business
By Mauro Orru
Russian President Vladimir Putin signed a decree allowing HSBC Holdings to sell its business in the country to local lender Expobank, marking another departure from corporate Russia almost two years after the invasion of Ukraine.
The decree, signed on Monday, enables Expobank to acquire 100% of shares in HSBC Bank (RR), the bank's Russian business. Leaving the Russian market has been a tedious endeavor for many Western organizations following the invasion of Ukraine, after the Kremlin moved to tighten legislation and, in some cases, confiscate assets.
Last year, Russia decreed that the state can take temporary control of assets of companies or individuals from what the Kremlin calls "unfriendly" states. HSBC is based in London but earns most of its pretax profit in Asia, including in Hong Kong and mainland China.
HSBC and Expobank didn't respond to requests for comment.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
February 19, 2024 11:58 ET (16:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back