The sale is expected to complete in the final quarter of the year, which is another step in its strategy to remove non-core assets from its worldwide operations in a bid to cut costs.
It outlined in a statement that "HSBC Bank Middle East Limited (HBME), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Pakistan to JS Bank Limited."
"The transaction, which is subject to regulatory approval and the approval of the direct shareholders in HBME and JS Bank Limited, is expected to complete in the final quarter of 2012. It represents further progress in the execution of the HSBC Group strategy," it added.
In June, International Adviser reported that HSBC Holdings, the London-based banking giant, sold stakes in two Indian banks for around $425m.
In a statement, HSBC described the sale of its 4.73% stake in India’s third-largest non government bank, Axis Bank., for around $329m, and a 4.74% stake in the smaller Yes Bank for around $96m as the disposal of “non-core investments”.
