has announced that it will be selling off its US tax advisory division after
Stateside execs tabled a management buyout offer.
HSBC will receive ‘$5m (£2.5m) in cash and deferred notes with a principal
amount totalling $60.85m’, the bank said.
In a statement HSBC said: ‘HSBC USA Inc has signed an agreement to sell
Wealth & Tax Advisory Services to participating WTAS managing directors in a
WTAS provides tax advisory services in the United States to high net worth
individuals including HSBC Private Bank customers. The move will enable WTAS to
pursue a broader expansion strategy, HSBC said.
Under the agreement, HSBC has an option to acquire a 19.9% stake in WTAS,
subject to certain conditions and dilution as new managing directors join WTAS
HSBC Private Banking CEO Chris Meares, said: ‘We wish the WTAS management
team well in taking the business forward. Our focus is on developing our core
private banking activities in both developing and developed markets using HSBC’s
unique distribution network.’
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