HSBC inches closer to SA exit after deal with FirstRand nears completion
HSBC said last year it would transfer its clients and banking assets and liabilities to FirstRand and smaller rival Absa
10 June 2025 - 11:18
UPDATED 10 June 2025 - 19:27
FirstRand’s strategy to grow its corporate and investment banking proposition has received regulatory approval for a transaction whereby the group will take transfer of the clients, the banking assets and liabilities and the employees of HSBC’s branch in SA.
In September last year, British multinational bank HSBC became the latest offshore banking giant to decide to exit SA as international players battle to establish a presence in a market local lenders dominate...
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