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HSBC to Sell Retail Banking Operations in Bahrain Amid Ongoing Restructuring

On February 18, HSBC agreed to sell its retail banking operations in Bahrain to Bank of Bahrain and Kuwait (BBK) as part of a global restructuring. The deal involves transferring retail loans, deposits, and accounts of around 76,000 customers to BBK, which is mostly owned by the governments of both countries. Financial details of the transaction, excluding its corporate and private banking businesses in Bahrain, were not disclosed.

HSBC has been reducing its global footprint by discontinuing numerous low-profit consumer banking activities, consolidating some commercial and investment banking operations, and revamping its leadership structure. The bank, as per Reuters sources, currently has approximately 40 investment bankers in Hong Kong.

Last month, HSBC announced plans to wind down its M&A and certain equities businesses in Europe and the Americas, intensifying its strategic focus on Asia in its most significant investment banking shift in decades. The Asia-centric bank is set to reveal its full-year results on Wednesday. Financial Times reported last week that HSBC might announce annual profits worth $1.5 billion with its results.