HSBC to sell Mauritius business

The UK's biggest bank, HSBC, said it is in talks to sell its retail banking and wealth management business in Mauritius.

HSBC said the discussions were ongoing and may or may not lead to a deal.

It added that it was committed to the Mauritius market and would continue to invest in growing its global banking and markets and commercial banking businesses there.

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Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns.

On Friday it said it would sell its Middle East private equity arm, HPEME, to the current management for $3.4m.

However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China.

Earlier in March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.

The subscription will see HSBC maintain its shareholding in China's fifth largest bank at 19.03%, leaving it the second biggest investor behind the Chinese government.