HSCB to sell Greece business to Pancreta

PARIS

HSBC Continental Europe, an indirect subsidiary of HSBC Holdings plc, has reached an in-principle agreement to sell its branch operations in Greece to Pancreta Bank SA.

The deal is subject to the banking roup’s information and consultation process with its unions and works councils, according to a statement released yesterday.

Completion of the potential transaction would also be subject to regulatory approval.

At completion of the potential transaction, all staff members employed by HSBC Greece would transfer to Pancreta Bank SA as part of the sale.

The potential transaction would be expected to complete in the first half of 2023.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories.

With assets of nearly $2,96 billion at Dec. 31, 2021, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Continental Europe is headquartered in Paris. In addition to its banking activities in France, it operates in Belgium, Czech Republic, Greece, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain and Sweden.

HSBC has operated in Greece since 1981. With assets of approximately 2 billion euros and 320 employees, HSBC in Greece services over 90,000 retail customers and about 500 corporate customers through 15 branches.