By John Lee.
HSBC said today [Tuesday] that it is considering selling its 70.1 percent stake in Dar Es Salaam Investment Bank (BDSI), which has made it the main international lender in Iraq.
In April, Simon Cooper (pictured), HSBC’s chief executive for the Middle East and North Africa, told reporters that its presence in Iraq was under review.
The company told the stock exchange on Tuesday:
“Following a strategic review, it was decided to explore options for the disposal of HSBC’s shareholding in DES [Dar Es Salaam] …
“HSBC … has further advised DES that it will not subscribe to any offer of shares by DES as part of its proposed capital increase.“
In other news, Citi announced the opening of an office in Baghdad.
(Source: Reuters, HSBC)