LONDON: Banking giant HSBC on Monday said it had agreed to sell its operations in Pakistan comprising 10 branches to JS Bank Limited for an undisclosed sum.

The British lender said the sale, which it expects to complete in the final quarter of the year, represented further progress in its strategy to shed non-core assets to slash group costs.

“HSBC Bank Middle East Limited (HBME), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in Pakistan to JS Bank Limited,” it said in a statement.

“The transaction, which is subject to regulatory approval and the approval of the direct shareholders in HBME and JS Bank Limited, is expected to complete in the final quarter of 2012.

“It represents further progress in the execution of the HSBC Group strategy.”

HSBC said that as of June 30, the bank's Pakistan business had gross assets of about $635 million.—AFP