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.

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.

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"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