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FINANCIALS: HSBC To Sell South African Businesses; Sensible But Tiny

FINANCIALS

HSBC (HSBC: A3/A-/A+) reportedly looking to sell South African business. We estimate this is immaterially small but the efforts to continue streamlining the group are commendable if, with this news, not a spread mover right now.

  • “*HSBC SAID TO WEIGH SALE OF SOUTH AFRICA UNITS TO FOCUS ON ASIA” – BBG
  • HSBC is in a multi-year project to simplify and streamline the group and we believe its business in South Africa is sub-scale and certainly not a strategic priority. It sold its small business in Mauritius to ABSA (Nov-23) so this could be a logical local bidder for this unit.
  • Looking at HSBC’s reported geographic profit breakdown, the “other” bucket comprises less than 10% of group profits, of which “Middle East, North Africa and Turkey” are the lion’s share, we estimate. This leaves the rest of Africa appearing to be immaterially small at a group level.
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