HSBC sells Pakistan bank

HSBC Middle East has entered into an agreement to sell its banking business in Pakistan to Meezan Bank.The move comes less than a year after failing to receive regulatory approval to sell it to another company, according to Reuters.The Pakistan-based unit has 10 branches along with gross assets of $455m, the group said. The company expects the deal to be finalised in the second half of 2014 and did not place a price on the deal. HSBC has sold or closed over 60 businesses in the last three years from countries which lack sales as it aims to cut costs. As of 14:26, the share price had risen by 0.26% to 595.3p.WS