HSBC agrees to sell Lebanon business to Blom Bank

HSBC has agreed to sell its business in Lebanon to Blom Bank for an undisclosed sum.

The bank said the deal, which is expected to take place in the first half of next year, “represents further progress in the execution of HSBC Group strategy”.

As at 30 June 2016, the business comprised three branches with total assets of around $953m.

HSBC said employees were expected to transfer to Blom as part of the transaction.

At 1240 GMT, HSBC shares were down 1.1% to 631.10p.