10:05 AM EDT, 05/29/2024 (MT Newswires) -- HSBC ( HSBC ) has completed a deal to sell its Russian unit to Expobank, the Russian bank said on Wednesday.

The deal was expected since February when President Vladimir Putin approved the asset sale to privately owned Expobank, Reuters reported Wednesday.

"Expobank JSC successfully closed the deal and acquired 100% of the shares of HSBC Bank (RR) LLC from HSBC Europe BV," the Russian bank said in a statement on its website.

"Approvals were received from the President of the Russian Federation in accordance with Decree No. 520 and the Central Bank of the Russian Federation," Expobank said.

Financial details weren't provided.

The Russian bank said HSBC ( HSBC ) had been operating in the country since 1996 and focused on lending to corporate clients.

HSBC ( HSBC ) didn't immediately respond to a request for comment by MT Newswires.

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