HSBC Holdings Plc said Monday that it will sell its Brazilian unit to Banco Bradesco, one of the country’s leading private-sector banks, for $5.2 billion. The all-cash deal was announced along with HSBC's half-yearly earnings, which showed a 10 percent jump in profits.

HSBC, which is also reportedly close to ending its presence in Turkey, said that it will sell off its “entire business in Brazil” on Friday. Banco Bradesco is expected to make public the acquisition of HSBC Bank Brasil SA Banco Múltiplo, as the unit is formally known, on Monday, Reuters reported.

“The purchase price is subject to adjustments to reflect the net asset value of the businesses at completion. The transaction is subject to regulatory approval and is expected to complete by Q2 2016,” HSBC said, in a statement.

According to the bank, its pretax profit rose 10 percent to $13.6 billion from $12.3 billion a year earlier, even as the company plans to explore ways to increase earnings. However, second-quarter net profit fell nearly 4 percent to $4.36 billion from $4.54 billion during the same period last year.

Analysts reportedly said that HSBC’s move to exit Brazil comes as large local banks outperform smaller rivals amid weakening economic outlook. Sluggish asset growth also reportedly prevented HSBC Brazil from gaining market share.

Recent reports said that HSBC was set to sell its Turkish business to Dutch lender ING Group for nearly $750 million, after the unit lost $64 million in 2014.

The European banking giant also reportedly announced last month that it would cut at least 22,000 jobs in an effort to cut costs by $5 billion over the next two years.