Russian President Vladimir Putin gave approval last month for HSBC's asset sale to privately-owned Expobank to go ahead. HSBC said in June 2022 that it had agreed to sell a 100% stake in the unit, HSBC Bank (RR) LLC, to Expobank.
Frank Media, citing two financial market sources, said the size of the discount could be a record for a deal of this kind.
Expobank declined to comment. HSBC declined to comment.
Reuters reported last August that Russia was demanding bigger discounts on some foreign companies' exits. Moscow has steadily tightened exit requirements since Western companies started leaving soon after Moscow began what it calls a "special military operation" in Ukraine in February 2022. Executives say navigating the rules is becoming harder.
($1 = 91.8705 roubles)
