RNS Number : 5338N
HSBC Holdings PLC
01 October 2012
1 October 2012
HSBC TO SELL PROPERTY VISION HOLDINGS LIMITED TO MANAGEMENT
HSBC Private Bank (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc, has agreed to sell 100% of Property Vision Holdings Limited to PV Acquisition Limited, a company set up by members of Property Vision's current management team.
Property Vision, acquired by HSBC Private Bank (UK) Limited in 2001, specialises in finding UK property and providing advice on purchasing property to private clients. At 30 June 2012, the business had gross assets of US$7.2m.
HSBC Private Bank will continue to introduce its clients to Property Vision under a referral agreement to be entered into at completion.
The sale of this non-core business represents further progress in the execution of the HSBC Group's strategy and completion of the transaction is expected during the fourth quarter of 2012.
Media enquiries to:
+44 (0) 20 7991 0655
+ 41 (0) 58 705 3355
Notes to editors:
1. HSBC Private Bank
HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank provides services to high net worth individuals and their families throughout Europe, the Americas, the Asia-Pacific region, the Middle East and Africa. Private Banking and Wealth Management Services in and from the United States are offered through HSBC Private Bank Americas, a division of HSBC Bank USA, N.A., and HSBC Private Bank International in Miami.
At 30 June 2012 total client assets were US$497bn.
2. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC Group is one of the world's largest banking and financial services organisations.
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