12th May 2006 15:31
HSBC Holdings PLC12 May 2006 HSBC SELLS NICOSIA BRANCH TO CYPRUS POPULAR BANK HSBC Bank plc has entered into an agreement to sell certain of the assets andliabilities of its branch in Nicosia to the Cyprus Popular Bank Public CompanyLimited. The value of the gross assets to be transferred to Cyprus Popular Bankamounts to approximately £43 million. Completion of the sale is subject toreceiving the necessary approvals from supervisory authorities in Cyprus. The branch provides foreign-currency denominated commercial and personal bankingservices to local and international customers. The assets and liabilities to besold are the customer loans, deposits and guarantees of the branch. HSBC Bank plc is in the process of submitting an application to establish aRepresentative Office in Cyprus which will provide a continuing source ofassistance to customers following the completion of the branch closure. Following completion of the sale, the business of the branch will be wound downand its banking licence modified to refelect the change to a RepresentativeOffice, subject to approval. The majority of the HSBC branch staff will be offered employment with CyprusPopular Bank. Notes to editors: HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 76 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,502 billion at 31December 2005, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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