As the latest move
in its global strategic overhaul, HSBC has decided to sell its Pakistan
operations, say local reports.

“The bank has formally approached the central
bank for sale of its retail business in Pakistan,” a source at HSBC told Pakistani
publication The News International.

Meanwhile Business Recorder wrote that local
players MCB and KASB have shown interest in buying the global bank’s Pakistan business. HSBC said it declined to comment on speculation.

HSBC has had a presence in Pakiston for three
decades, and currently has seven branches. The bank previously dismissed
reports of a sale of its operations in the region.

HSBC is beating a
retreat from areas where it does not have a strong presence, as part of its
strategy to focus its capital and resources on the growth of its core
businesses. Last month it said it was in talks to sell its wealth
management and retail banking business in Mauritius. It also signed a deal to
sell 80 per cent of its Middle East private equity business to Havenvest
Partners.

Earlier this month, HSBC agreed to offload its general insurance
manufacturing portfolios in Hong Kong, Singapore, Argentina and Mexico to AXA
and QBE in separate deals valued at $914 million. It has also sold businesses
in Japan, Thailand and South Korea.

The bank’s wide-reaching cost-cutting programme and global restructuring
will impact around 30,000 jobs, as chief executive Stuart Gulliver
attempts to rein in costs in a difficult trading environment.