Royal Bank of Scotland Group (RBS) has agreed to sell its retail business in Kazakhstan to HSBC for a maximum consideration of up to $52m in cash.
The transaction is subject to regulatory and other approvals and expected to complete on September 1, 2010.
RBS said that it will continue to have a significant presence in Kazakhstan, focused on the corporate and investment banking franchise.
RBS, which is 83% owned by the UK government, is exiting many businesses across the globe. The move to sell its retail banking operation in Kazakhstan, is part of the company’s global plan to trim down its international operations announced in February 2009, to concentrate mainly on its domestic market.