HSBC Monaco Unit Sells Part of Client Account Portfolio to SocGen
07/06/2012| 01:47pm US/Eastern
LONDON--HSBC Holdings PLC (HSB.LN), Friday said its HSBC Private Bank (Monaco) SA unit entered agreed to sell part of its portfolio of client accounts to Credit du Nord, Monaco Branch, a wholly-owned subsidiary of Societe Generale SA.
-Portfolio comprised assets under management of approximately $140 million on May 14, the date of the agreement.
-Completion expected on Oct. 1
-HSBC shares closed at 566 pence Friday valuing the company at GBP 103.5 billion.
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