HSBC reportedly considering sale of its South African business

HSBC Holdings is reportedly considering selling its South African business to focus on Asian markets, according to Bloomberg.
Potential interested bidders for the South African unit include banks from Africa, China, and the UAE.
No deal has been finalized, and discussions are still ongoing.
HSBC’s activities in South Africa include corporate and wholesale banking services and a Private Bank representative office.
HSBC has had a presence in South Africa since 1995 through its Johannesburg branch and HSBC Securities (South Africa) Pty Ltd.
In recent months, HSBC has been divesting various global operations, including the sale of:
- Its retail and business banking units in Mauritius to Absa Group.
- Its French retail banking business to Crédit Commercial de France (CCF).
- Its Argentine banking operations to Grupo Financiero Galicia.
These divestments are part of HSBC’s strategy to focus more on Southeast Asia and China.
HSBC recently acquired Citi’s retail wealth management portfolio in China and is involved in quantum-proofing cybersecurity trials with the Monetary Authority of Singapore.
HSBC announced that Georges Elhedery, the current CFO, will succeed Noel Quinn as the group’s new CEO next month.