British banking firm HSBC is reportedly gearing up to shut down its Libyan operations in the wake of business restructuring, as the unit is not profitably viable.
The bank is expected to close its representative office in Tripoli, which manages investments in the North African state. The office houses a staff of 10 members, as reported by telegraph.co.uk.
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HSBC launched the office in 2006 as part of an expansion in the Middle East under former CEO Stephen Green; however, its operations in Libya date back to 1959, when it purchased The British Bank of the Middle East, a retail banking firm.
The UK-headquartered bank also owned a stake in the British Arab Commercial Bank, but sold it to the Libyan Foreign Bank during 2010, according to the publication.
Under the leadership of its CEO Stuart Gulliver, HSBC has divested many unprofitable operations across the globe including Japanese private bank, Russian retail bank, and several Latin American businesses.
Further, the London-based lender has cut tens of thousands of jobs to reduce operational expenses and strengthen its balance sheet.
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