ANKARA: HSBC’s sale of its Brazilian business remained on track but the planned disposal of its business in Turkey will take “a little longer”, its chief executive said on Monday.
HSBC agreed to sell its business in Brazil to Banco Bradesco in August and had been in talks to sell its Turkish business to ING Group, sources familiar with the matter had said.
“The Brazil sale is on track. There is no update on Turkey just yet and I expect that to take a little longer,” CEO Stuart Gulliver told analysts in a conference call after third quarter results.
Gulliver said HSBC had also sold another portfolio of U.S. loans in recent days that would reduce its assets by at least another $4 billion on a risk-adjusted basis.
