HSBC Holdings plc said it had failed to obtain regulatory approval for the sale of its Pakistani business. In its recent filing with the Hong Kong Stock Exchange on Wednesday, the UK-based lender said it would be exploring other options for its banking unit in Pakistan. Aside on the Hong Kong bourse, HSBC is also listed primarily on the London Stock Exchange.
HSBC has four business segments, namely Global Banking and Markets, Retail Banking and Wealth Management, Commercial Banking and Global Private Banking.
HSBC Bank Middle East Limited announced its intention in April to exit from the banking business in Pakistan via a unit sale. The banking business only had ten branches. JS Bank Limited was the potential buyer of HSBC's banking business in Pakistan. The agreement was part of a worldwide retreat from countries like Pakistan who had struggled to earn profits or lacked business scale.
HSBC had to subsequently cancel its deal with the Pakistani commercial bank when the State Bank of Pakistan had not given its approval.
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