Global banking giant HSBC is to sell off its $1.2 billion banking operation in Jordan.

HSBC Bank Middle East has struck a deal to sell its business in the Middle East state to the Arab Jordan Investment Bank.

The Jordanian business was made up of four branches with gross assets of $1.2 billion at the end of the third quarter last year.

A statement from the bank said that most of the employees are expected to transfer to the new business.

It added the deal is subject to closing conditions and is expected to be completed in the first half of the year.

The statement added: “It represents further progress in the execution of HSBC group strategy.”