HSBC Holdings plc (HSBA.L, HBC) Monday reported an agreement which sees the sale of HSBC Bank Georgia JSC's legacy personal and mortgage loan book to Société Générale Group's (GLE.PA, SCGLY.PK) subsidiary Bank Republic JSC. The transaction may complete in December 2011.
The sale, which sees the divestment of gross assets worth $4.5 million as of December 23, 2011, follows HSBC's September 2011 announcement of its decision to "exit the Georgian banking market". Earlier, in May, the company had reported a "continuing five-filter portfolio review".
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