British banking and financial services group HSBC Holdings plc (LON:HSBA) said its fully-owned unit HSBC Bank plc would shed ship broking and consultancy services provider HSBC Shipping Services Limited to the business’ management, marking a further step in the implementation of the group’s strategy.
Shipping Services, with USD6.8m (EUR5.5m) worth of consolidated gross assets as at 30 June 2012, will change name to Hartland Shipping Services Limited after the deal, which will be carried out through a new firm set up by the buyers, HSBC said without disclosing financial terms.
The group will seal a consultancy accord with Hartland for the sold business to provide global shipping-related valuation and consultancy services to HSBC Group, the vendor explained.
After this disposal, HSBC will continue to offer non-broking and associated consultancy services to the shipping industry.
The deal is seen to wrap up in the fourth quarter of this year.
The British group, with operations in 85 countries globally, is looking to increase focus on rapidly developing markets in Asia.
Its CEO Stuart Gulliver initiated a restructuring process in 2011, with some 28 deals announced since then aimed at eliminating risk-weighted assets from the group’s balance sheet.
The three-year restructuring resulted in 15,000 job cuts and the exit from sub-scale markets and operations with the view of simplifying the business and reducing costs.
For more on HSBC’s asset disposals, click here.