LONDON, Feb 6 (Reuters) - HSBC HSBA.L has agreed to sell its Armenian unit to Ardshinbank CJSC, subject to regulatory approvals, the latest in a series of disposals of non-core businesses aimed at tightening the lender's global footprint.
In a statement on Tuesday, HSBC said the deal reflected its broader strategy to redeploy capital from "less strategic businesses to higher-growth opportunities globally".
A spokesperson for the bank said terms of the transaction would not be disclosed.
All HSBC Armenia staff and customer relationships will transfer to Ardshinbank at completion of the deal, which is expected within the next 12 months, HSBC said.
Last May Reuters exclusively reported that HSBC was reviewing a possible exit from as many as a dozen countries, following earlier announcements to sell off parts or all of its activities in France, Canada, Russia and Greece.
HSBC completed the sale of its French retail business to CCF, a subsidary of My Money Group on January 1. Canada approved the sale of the bank's Canadian unit to Royal Bank of Canada RY.TO in late December.
(Reporting By Sinead Cruise, editing by Karin Strohecker)
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https://www.nasdaq.com/articles/hsbc-sells-armenian-unit-to-ardshinbank-cjsc