London: HSBC Bank, a wholly owned subsidiary of HSBC Holdings, has announced on Thursday it has agreed to sell HSBC Shipping Services Limited to members of its current senior management team.
HSBC Shipping Services, which will be renamed Hartland Shipping Services Limited 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, according to an HSBC release.
“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,” HSBC said. HSBC stressed it was still going to be involved in ship finance. [03/08/12]