HSBC could be about to offload its Mauritius retail banking and wealth management division after revealing it is in talks over a possible sale.
The largest bank in Europe is hoping to relieve itself of non-core assets in a bid to improve investor returns, but claimed its commitment to the market in the island nation - where it will continue with its commercial banking arm - has not waivered.
It is hoped the move will play a part in the lender being able to reduce its annual expenditure by around $3.5 billion, with overall profitability bolstered and Asian markets receiving a greater focus.
As such, the financial institute - which began life in Hong Kong in 1865 - has already sold its general insurance operations to AXA and the QBE Insurance Group for $914 million, as well as handing over its banking businesses in Honduras, El Salvador and Costa Rica for $800 million.
By Gary Cooper
