RBS continues sell-off in emerging markets with Kazakh sale

By Ivan Anzerzhanov

Britain's Royal Bank of Scotland sold its Kazakhstan business to HSBC for $52 million (£35m) in its third emerging market disposal.

RBS Kazakhstan includes four branches, two support offices, 490 staff and personal customer loan and credit card portfolios. HSBC has been operating in Kazakhstan since 1998 and has 250 staff there.

The sale follows the group's recent disposal of its Pakistan unit to Faysal Bank and its retailing banking business in the United Arab Emirates to Abu Dhabi Commercial Bank.

HSBC said it will also offer employment contracts to about 490 of RBS Kazakhstan's banking staff.

Simen Munter, chief executive of HSBC in Kazakhstan, said in a statement: "This acquisition reflects HSBC's positive view of Kazakhstan's long term prospects, not least because of its trade flows with China. We have been in Kazakhstan for 12 years and today's deal significantly increases our platform for growth by doubling our network and growing our customer base fivefold."

RBS said it will continue to have presence in Kazakhstan, focused on corporate and investment banking.

By Ivan Anzerzhanov Britain's Royal Bank of Scotland sold its Kazakhstan business to HSBC for $52 million (£35m) in its third emerging market disposal. RBS Kazakhstan includes four branches, two support offices, 490 staff and personal customer loan and credit card portfolios. HSBC has been operating in Kazakhstan since 1998 and has ...