UK-based HSBC Holdings plc (LON:HSBA) said its unit HSBC Bank plc had agreed to offload its 73% interest in Greek mutual fund manager HSBC (HELLAS) Mutual Funds Management SA (HSBC AEDAK) to minority shareholderholder in the target, John Vezanis, for an undisclosed sum.
Upon completion, which is contingent on regulatory green light and is seen to occur in the first quarter of this year, Vezanis, currently the general manager of HSBC AEDAK, will leave the HSBC Group, HSBC Holdings said.
HSBC AEDAK, which will assume a new name on closing, is manager of eight local mutual funds. It also engages in the provision of advisory and discretionary portfolio management services to clients and distribution of HSBC Group funds.
The business will continue to distribute HSBC Global Investment Funds, the vendor noted.