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Greek News

HSBC considering exit from Turkey

HSBC (HSBA.L) is considering selling its Turkey business amid concerns about the country’s volatile currency and economic outlook, sources familiar with the matter said.

As part of broader cost-cutting measures under interim Chief Executive Noel Quinn, the bank is also seeking to sell or shrink its business in some other markets, the sources said.

These include countries where it has small-scale operations that struggle to compete with local players, including Armenia, Greece and Oman, they said.

A spokeswoman for HSBC declined to comment.

HSBC will seek to sell its banking business in Turkey if it can find a local buyer, the sources said, adding that no final decision has yet been taken.

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