Completion of the deal would represent HSBC's formal exit from Russia, but the bank said the transaction was still subject to regulatory approvals in Russia.
A spokesperson for Russia's central bank said it had not received an application for approval for the sale of HSBC's business.
Such approvals can be requested after a deal is signed, meaning there is often a gap between the announcement of a deal signing and the approval being sought and granted.
HSBC's business in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers.
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