HSBC to sell Greek stock broking business

HSBC, Europe's biggest bank, yesterday said that it had agreed to sell its Greek stock broking business, HSBC Securities S.A., to a group of investors led by the unit's current managing director Nikos Pantelakis.

The London-based bank said that the business had gross assets of approximately €35.8 million ($44.75 million) as on 30 April. HSBC did not disclose financial terms of the deal.

HSBC Securities provides equity broking services for Greek equities and derivatives to domestic and foreign institutional clients, domestic retail clients and to HSBC's institutional clients.

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.

The transaction is subject to certain conditions including regulatory and other approvals and is expected to be completed in the third quarter.

Under Gulliver HSBC is undertaking a major revamp of its global operations aimed at cutting costs by $3.5 billion, including steps like withdrawing from retail banking in some countries.