HSBC seeks to sell stake in Iraq’s Dar Es Salaam Investment Bank
LONDON - Global banking giant HSBC said Tuesday it will seek to sell its majority holding in Iraq's Dar Es Salaam Investment Bank.
"HSBC Asia Holdings BV, a wholly owned subsidiary of HSBC Holdings plc, has confirmed to Dar Es Salaam Investment Bank (DES) that, following a strategic review, it was decided to explore options for the disposal of HSBC's shareholding in DES," said a brief statement.
HSBC added that it held a 70.1-percent stake in the capital of DES as of 31 December, 2012.
"HSBC Asia Holdings BV has further advised DES that it will not subscribe to any offer of shares by DES as part of its proposed capital increase," it added.
"HSBC will make a further statement if or when appropriate."