HSBC Holdings Plc agreed to sell its South African corporate branch unit to FirstRand Ltd. as part of its ongoing strategy to dispose of non-core assets.

HSBC has reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd, the British bank said on Thursday, as it exits from the country entirely amid a wider pivot towards Asia.

HSBC is winding down its operations in South Africa, with FirstRand Bank set to take over its branch businesses, while its securities and equities operations will be transferred to Absa. The British finance institution has serviced South Africa for nearly 30 years.