LONDON, Feb 26 (Reuters) - HSBC said it is sellingits bank in Kazakhstan to JSC Halyk Bank for $176 million incash, continuing its retreat from countries where it lacks scaleor are unprofitable.
HSBC Chief Executive Stuart Gulliver has sold or closed 63businesses in the last three years as he tries to cut complexityacross the group in an effort to reduce risk and boostprofitability.
HSBC said the sale of SB JSC HSBC Bank Kazakhstan isexpected to complete in the fourth quarter and is based on a netasset value for the business of $160 million.
HSBC Holdings (HSBA)