Russian President Vladimir Putin on Monday signed a decree allowing HSBC Holdings plc to sell 100% of shares of its Russian subsidiary to Expobank JSC, according to the document posted on the country's official portal of legal acts.
In June 2022, HSBC announced that it agreed to sell its Russian unit to Expobank. However, Russian authorities have been progressively tightening the rules for the sale of foreign assets, while banks have been forced to obtain Putin's approval for each such transaction.
Previously, the British lender stated that the planned sale of its Russian business had resulted in a loss of $300 million.