HSBC to offload Greek brokerage unit
Global banking group HSBC is to sell its Greek equities broking business to its management for an undisclosed sum.
Global banking group HSBC is to sell its Greek equities broking business to its management for an undisclosed sum.
HSBC Bank has entered into an agreement to offload HSBC Securities to a group of investors led by the unit's Managing Director Nikos Pantelakis.
The business provides equity broking services for Greek equities and derivatives to domestic and foreign institutional clients, domestic retail clients and to HSBC's institutional clients. Its gross assets were valued at €35.8m at the end of April.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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," HSBC said in a statement on Thursday afternoon.
The firm said that the sale is part of its group strategy - to focus on regions where it sees the greatest potential for sustainable growth.
Shares were up 1.31% at 533.9p by 15:49.
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published