According to English media reports, banking giant HSBC is looking to sell-off its corporate holdings in Pakistan. Among the world’s largest banks, HSBC doesn’t seem to be cutting it in the Pakistani market mostly due to stiff competition from the local banking sector.

Headquartered in the UK, HSBC has a total of ten branches in Pakistan, and assets worth more than $450 million, which have been on the market since 2013. In working to reduce risk and cost, the multinational banking corporation has closed near 60 branches around the world.

HSBC was previously in negotiations with JS Bank but the deal reportedly fell apart in October, due to issues in procuring regulatory consent.

But according to local media reports, Meezan Bank has now entered an agreement to acquire HSBC’s banking business in Pakistan through a process of amalgamation. Though nothing has yet been finalized, rumors making the rounds suggest Meezan Bank plans to convert HSBC Pakistan’s operations into Islamic banking.