
Top stories





Marketing & MediaDaily Maverick launches a groundbreaking local bureau in Nelson Mandela Bay
Daily Maverick 18 hours

Tourism & TravelTumi celebrates 50th anniversary with campaign, 'Made for you since 1975'
Tumi 2 days
More news
















The transaction will include the transfer of the branch’s clients, banking assets and liabilities, and will provide transferred clients with continued access to banking services, HSBC said.
HSBC has separately agreed that Absa Bank will provide HSBC's equities and securities finance clients with access to the South African market, as HSBC winds down all its legal entities in the country.
HSBC's move comes as the once globe-spanning company continues to move its focus towards Asia.
The lender's business in South Africa operates as a branch of its British unit and offers commercial and investment banking services, with no personal or retail banking, according to its website.
HSBC did not give details of any financial consideration paid by either party in the agreements with FirstRand and Absa.
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/