Lloyds sells Dubai business to HSBC
Lloyds Banking Group is selling its onshore Dubai business to HSBC Bank Middle East.
Lloyds Banking Group is selling its onshore Dubai business to HSBC Bank Middle East.
The sale, which comes as part of Lloyds' plan to reduce its international presence, includes the group's retail, commercial and corporate banking business in the area.
The said assets were valued at totalling £482m as of December 31st. The business has a loan book of approximately $573m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"HSBC is the leading international bank in the UAE and the addition of Lloyds's strong presence in retail and commercial banking is highly complementary to our business. The acquisition underscores the strategic importance of the UAE, and of the MENA region as a whole, to HSBC," said Simon Cooper, Deputy Chairman and Chief Executive Officer of HSBC's operations in Middle Eastern and North Africa (MENA).
The impact of the sale on the Lloyds' accounts is not expected to be material.
The transaction is expected to complete during the second half of 2012.
Lloyds's share price was down 2.53% at 33.56 by 15:24, while HSBC was down 1.75% at 551.6p.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
What does a weak yen mean for Japanese stocks?
The Japanese yen has hit its lowest level against the US Dollar since 1986. What does it mean for its stock market?
By Alex Rankine Published
-
Nationwide cuts mortgage rates as they dip below 4% for first time since February
The building society’s cheapest deal is now priced at 3.99%. Whether you’re buying or remortgaging, we look at whether rates could drop further in the coming months
By Ruth Emery Published