HSBC to Divest Bahrain Retail Banking Business to BBK

HSBC consented to divest its retail banking services in Bahrain to Bank of Bahrain and Kuwait (BBK) during a worldwide reorganization at the bank. About 76,000 clients' retail loans, deposits, and accounts would be transferred to BBK, which is mostly owned by the governments of both nations, as part of the agreement.

The transaction's financial specifics, excluding Bahrain's corporate and private banking operations, were not made public.

The global operations of HSBC have been reduced, dozens of low-returning consumer banking operations have been shut down, some of the company's commercial and investment banking operations have been combined, and its leadership structure has been reorganized.

The lender has laid off about 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter.

The bank announced last month that it was getting ready to close its M&A and some equity businesses in Europe and the Americas, hastening its move to Asia in the largest investment banking layoffs in decades.

The bank with a concentration on Asia is expected to release its full-year earnings. With its findings, HSBC may reveal yearly cost savings of $1.5 billion.