BANKING

HSBC sells local network to Pancreta

HSBC sells local network to Pancreta

HSBC announced on Monday it had agreed to sell its branch operations in Greece to local bank Pancreta Bank, as the lender further sharpens its focus on its biggest market, that being Asia.

The deal is part of a multi-year restructuring by HSBC, which included axing its loss-making US retail bank last year. 

HSBC said the in-principle agreement to sell its Greek retail business by its HSBC Continental Europe unit was expected to be wrapped up with the first half of 2023.

HSBC, which has been operating in Greece since 1981, has assets of around 2 billion euros in the country. 

The bank said it served 90,000 retail customers and around 500 business customers through 15 branches in Greece.

All 320 employees of the retail business will be transferred to Pancreta as part of the sale once completed.

In addition, the agreement is subject to consultation with unions and regulatory approval, HSBC said.

Pancreta, based in Iraklio on Crete, was a cooperative bank that has now been transformed into Greece’s sixth largest lender.

[Reuters]