HSBC Holdings has pulled out of the bidding to buy Denizbank in Turkey, a person familiar with the matter said, dealing a blow to Franco-Belgian bank Dexia's plan to raise as much as possible from asset sales.
HSBC and Qatar National Bank had been front-runners to buy the business and were conducting checks on it, sources had previously told Reuters. The business was expected to fetch up to $6 billion (3.9 billion pounds).
HSBC declined to comment and Dexia could not immediately be reached. Sky News said HSBC, Europe's biggest bank, had abandoned its bid because Denizbank was not willing to provide the bank with enough detailed information to make an offer.
(Reporting by Steve Slater; Editing by Douwe Miedema and Erica Billingham)