HSBC Turkey posts TL 170 million loss in third quarter of 2015

Published 12.11.2015 14:31
Updated 12.11.2015 16:59

HSBC Turkey, which has officially selling units since May, announced a loss of TL 170 million ($58.87 million) for the third quarter of 2015.

The bank's losses for the first nine months of 2015 rose to TL 226.3 million, more than four times higher than its TL 47.1 million losses for the same period last year.

HSBC Turkey announced profits of TL 10.6 million in the third quarter of 2014.

HSBC declared the sale of its operations in Turkey and Brazil in May, which also included 25,000 job cuts worldwide and a 12 percent reduction to its global network of retail banks as the bank struggles to keep up with the competitive environment. The move had come days after the company was hit with a $53 million fine over tax evasion.

The British banking giant's operation in Brazil was sold for $5.2 billion in August, while its presence in Turkey is estimated to at around $700 million. Potential bidders include Dutch ING, French BNP Paribas, Bahrain-based Arab Banking Corporation and Fiba Holding of Turkey.

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