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HSBC to agree sale of Turkish unit to ING for around $750 mln -sources

Reuters - UK Focus

ISTANBUL, July 22 (Reuters) - HSBC is set to agree to sell its Turkish business to Dutch lender ING Group (Swiss: INO.SW - news) for around $700-$750 million in the next few days, two people familiar with the matter told Reuters on Wednesday.

ING, which already has a presence in Turkey, was one of three banks to submit a non-binding bid in May, sources previously told Reuters. The others were Bahrain's Arab Banking Corp (ABC (HKSE: 1288.HK - news) ) and France's BNP Paribas (Xetra: 887771 - news) .

HSBC declined to comment. (Reporting by Asli Kandemir and Nevzat Devranoglu; Additional reporting by Carolyn Cohn in London; Writing by Daren Butler; editing by David Dolan and Louise Heavens)