LONDON, May 9 (Reuters) - HSBC said it has agreedto sell its banking business in Pakistan to Meezan Bank Ltd, seven months after failing to win regulatory approvalto sell it to another company.
The Pakistan unit has 10 branches and had assets of about$455 million at the end of 2013, HSBC said. It did not put aprice on the deal and said it was subject to regulatoryapproval. It is expected to complete in the second half of 2014.
The sale continues a retreat by HSBC from countries where itlacks scale. Europe's biggest bank has closed or sold more than60 businesses in the last three years in an effort to cut costsand complexity. (Reporting by Steve Slater; Editing by Matt Scuffham)