HSBC: sale of equities broking business in Greece

RNS Number : 9054E

HSBC Holdings PLC

07 June 2012

 



7 June 2012

HSBC AGREES SALE OF

EQUITIES BROKING BUSINESS IN GREECE

HSBC Bank plc ('HSBC'), a wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Securities S.A, its equities broking business in Greece ('HSBC Securities' or the 'Business'), to a group of investors led by Mr Nikos Pantelakis, the current managing director of HSBC Securities. The Business had gross assets of approximately €35.8m at 30 April 2012.

HSBC Securities provides equity broking services for Greek equities and derivatives to domestic and foreign institutional clients, domestic retail clients and to HSBC's institutional clients. Following completion of the sale it is intended that the Business will continue to be one of HSBC's preferred brokers in Greece for its institutional clients' needs.

The sale represents further progress in the execution of the Group's strategy.

The transaction is subject to certain conditions including regulatory and other approvals and is expected to complete in the third quarter of 2012.

Media enquiries to Tonia Petrovits on [phone] or at [e-mail]

Note to editors:

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 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$2,637bn at 31 March 2012, the HSBC Group is one of the world's largest banking and financial services organisations.

 

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