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HSBC sells its private bank in Japan to C. Suisse
by hlk Wed 21 Dec 2011, 13:22
Larger Smaller Reset SINGAPORE (Dec 21): HSBC, Europe's biggest bank,
has agreed to sell its private banking business in Japan to Credit
Suisse, the bank said on Wednesday.
HSBC said the value of the
gross assets of the business was $2.7 billion as of Oct. 31, 2011, but
did not disclose the sale price.
"The transaction, which is
subject to regulatory approvals, is expected to complete during the
second quarter of 2012 and represents further progress in the execution
of HSBC's strategy outlined at the Investor Day in May 2011," it said in
a statement. - Reuters
has agreed to sell its private banking business in Japan to Credit
Suisse, the bank said on Wednesday.
HSBC said the value of the
gross assets of the business was $2.7 billion as of Oct. 31, 2011, but
did not disclose the sale price.
"The transaction, which is
subject to regulatory approvals, is expected to complete during the
second quarter of 2012 and represents further progress in the execution
of HSBC's strategy outlined at the Investor Day in May 2011," it said in
a statement. - Reuters
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