HSBC To Sell Shipping Finance Business To Management

Law360, New York (August 2, 2012, 7:13 PM EDT) -- U.K.-based banking giant HSBC Bank PLC has reached an agreement to sell HSBC Shipping Services Ltd., which provides brokerage and consultancy services, to members of its existing senior management team, the holding company for HSBC Bank said Thursday.

HSBC Holdings PLC announced that it had agreed to sell HSBC Shipping Services to a portion of its management team. The company, which will be renamed Hartland Shipping Services Ltd., will be acquired by a special purpose vehicle created by its current management, HSBC Holdings said.

The price...
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