HSBC Private Bank has sold Property Vision Holdings to its management team as part of the group’s strategy to offload non-core businesses.
Property Vision, which was acquired by HSBC in 2001, provides UK property funding and advises on property purchases. It will now be sold to PV Acquisition, a company formed by the existing management team of Property Vision during this quarter.
The terms of the deal were not disclosed; at end-June Property Vision had $7.2 million in gross assets. It is understood that the two parties will enter into a referral deal when the transaction is complete which will mean that HSBC Private Bank will still introduce its clients to Property Vision.
Last month HSBC's Middle East division agreed to sell its Pakistan operations to local lender JS Bank, for an undisclosed sum. As at 30 June 2012, HSBC's Pakistan operations comprised a network of 10 branches and total asset base of PKR 59 billion ($630 million).
These two sales are the latest in a string of asset offloads made by HSBC as it moves to cut back on regions where it is making less money in order to slash group costs.