MOSCOW, May 29 Reuters HSBC has transferred ownership of its Russian unit to Expobank for an undisclosed fee, the two lenders said on Wednesday, ending around two years of negotiations and uncertainty.

HSBC39;s exit from Russia has been on the cards since February, when Russian President Vladimir Putin gave approval for the asset sale to privately owned Expobank to go ahead.

Expobank said it had successfully completed the deal. HSBC later confirmed that it had transferred ownership of the business to the Russian lender.

Economic ownership of HSBC Russia has been transferred to Expobank, HSBC said in a statement. The transaction will formally complete once the legal title transfer has been registered in the State Corporate Register.

HSBC first announced in June 2022 that it had agreed to sell a 100 stake in the unit, HSBC Bank RR LLC, to Expobank.

A 2022 decree bans investors from unfriendly countries those that have imposed sanctions on Russia over its actions in Ukraine  from selling shares in key energy projects and banks without explicit presidential approval.

Expobank said in a statement that the unit would continue to operate, but under a new, unspecified name.

European banks have been under growing pressure from Washington and the European Central Bank to extricate themselves from Russia. Austria39;s Raiffeisen Bank International is the largest European lender doing business in Russia, followed by Italy39;s UniCredit.

Another large Italian lender, Intesa…