Banco Bradesco

ING Groep NV, the largest Dutch financial services company, has abandoned a plan to acquire HSBC Holdings Plc's unprofitable Turkish unit, Bloomberg reported on Dec. 16.

Regulatory hurdles contributed to the decision, Bloomberg reported, citing two people with knowledge of the matter. 

HSBC is dragging its feet on the sale of its Turkish business to ING Group, two sources familiar with the matter said, as the bank is no longer in a hurry to exit Turkey after securing a hefty $5.2 billion for its Brazilian unit.

HSBC Holdings Plc agreed to sell its Brazilian unit to Banco Bradesco SA for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance.

HSBC Holdings Plc could select a preferred bidder for its struggling Brazilian unit as early as next month, with the sale expected to be finalized by August, three sources with knowledge of the process said.