HSBC reviews Turkish banking business for possible sale

LONDON, July 7 (Reuters) - HSBC said on Tuesday it had launched a review of its Turkish retail and corporate banking business and was considering all options, as part of its global drive to simplify its business and exit markets where it considers itself too small.

The review does not include wholesale banking activities such as investment banking, the British lender said.

Asia-focused HSBC has been exiting markets where it is sub-scale or less-profitable, following a strategic review launched by CEO Georges Elhedery in October 2024 to shrink the bank's geographical footprint.

In recent years it has sold its retail banking operations in countries including Sri Lanka and France and is reviewing its presence in Egypt, among other places.  

"The review will consider all options for the retail banking business of HSBC Bank A.Ş. (‘HSBC Türkiye’) and its portfolio of smaller and medium-sized companies with primarily domestic banking requirements. No decisions have yet been made," HSBC said in a statement.

"The bank's strategy is to increase leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunity to grow and support its clients."

(Reporting by Lawrence White and Tommy Reggiori Wilkes, Editing by Iain Withers)