HSBC agrees to sell Greek equities brokerage

British banking group HSBC Holdings Plc (LON:HSBA) said it has sealed a deal to divest its Greek equities brokerage  HSBC Securities SA to a group of investors led by the business’ current managing director Nikos Pantelakis for an undisclosed sum.

In order to sell this subsidiary, HSBC will first need to obtain certain regulatory and other approvals. The transaction, which is scheduled for completion in the third quarter of the year, is in line with the group’s strategy, it explained.

The disposal is being carried out by HSBC Bank plc.

The Greek business offers equity broking services to local and foreign institutional customers, domestic retail clients as well as to HSBC’s institutional customers. It will continue to be one of the British group’s preferred brokers in Greece following the sale.

The unit’s gross assets were around EUR35.8m (USD45.1m) as at the end of April 2012.

London-based HSBC is a banking and financial services organisation with around 7,200 offices in more than 80 countries worldwide. At the end of March 2012, the group’s assets amounted to USD2.64trn (EUR2.1trn).

Last week, HSBC closed the disposal of its card acquiring operations in Malta to a local subsidiary of US-based Global Payments Inc (NYSE:GPN).

For more on HSBC asset sales, click here.