Global banking titan HSBC has sold off its UK property advisory unit, Property Vision Holdings Limited, to a company set up by members of the subsidiary's management team.
PV Acquisition Limited will buy the entire business from HSBC Private Bank (UK), which first took over the division in 2011.
The company, which specialises in finding UK property and providing advice on purchasing property to private clients, had gross assets of $7.2m by June 30th 2012.
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
"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," the bank said.
