HSBC to sell HSBC Shipping Services Limited
HSBC Bank plc, a wholly owned subsidiary of HSBC Holdings plc, has agreed to sell HSBC Shipping Services Limited (‘Shipping Services’) to members of its current senior management team (‘the management team’). Shipping Services provides ship broking and consultancy services and, as at 30 June 2012, had consolidated gross assets of US$6.8m. More broadly the HSBC Group provides a full range of banking products and services to the shipping industry and these (non-broking and associated consultancy) services will continue to be provided by HSBC post disposal.
Shipping Services, which will be renamed Hartland Shipping Services Limited (‘Hartland’) on completion, will be acquired by a new company established for the purpose by the management team. A consultancy agreement will be entered into under which Hartland will provide shipping-related valuation and consultancy services to the HSBC Group on a global basis.
The sale represents further progress in the implementation of the HSBC Group’s strategy and is expected to complete in the fourth quarter of 2012.
Source: HSBC Holdings Plc.