6 July 2012
HSBC MONACO SELLS PART OF PRIVATE BANK
HSBC Private Bank (Monaco) SA, a wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell part of its portfolio of client accounts to Crédit du Nord, Monaco Branch, a wholly-owned subsidiary of Société Générale SA.
The portfolio comprised assets under management of approximately US$140m at 14 May 2012, the date of the agreement. Completion is expected on 1 October, 2012.
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,637bn at 31 March 2012, the HSBC Group is one of the world's largest banking and financial services organisations.