HSBC Holdings has agreed to sell its Brazilian arm for 5.2-billion U.S. dollars.

The sale to Brazilian firm Banco Bradesco is still subject to regulatory approval.

The deal is expected to complete by the second quarter of next year.

It’s part of HSBC's withdrawal from several markets which have not been performing well for the company.

HSBC is also trying to divest out of its Turkish business.

Meanwhile, HSBC has reported a pre-tax profit through the first half of 13.6 billion U.S. dollars.

This is up 10-percent from a year earlier.