ABC Banking set to acquire HSBC’s retail operations, looking at figures

ABC Banking Corporation Ltd is reportedly among the front runners in the race to acquire the retail operations of its competitor HSBC, l’Express reported.

HSBC has reportedly been looking to sell its retail division operating entity known as The HongKong and Shanghai Banking Corporation (HSBC) to ABC Banking Corporation Ltd.

According to l’Express, ABC Banking has made an offer on the business.

“However, it will be weeks, if not months, before the deal is finalised, given the due diligence exercise that the potential acquirer must undertake at the request of the Bank of Mauritius,” the newspaper reported.

“It is only after this exercise that the Bank of Mauritius will give its green light (or not)”, it added. The amount of the deal is not yet known. 

HSBC has been streamlining its retail operations for some time. Last year, it closed its iconic offices in Rose-Hill, relocating all accounts to Bagatelle.

ABC Banking currently employs over 200 people. With the possible acquisition of HSBC’s retail business, the financial institution is expected to add another 100 employees to its head count.

Source: l’Express