World’s 2nd Largest Bank Sells Shipping Arm

hsbcHSBC Bank, the world’s 2nd largest  banking and financial services group, issued a statement late in the week that it had reached a deal to sell HSBC Shipping Services Ltd. This is the latest in a series of 28 devestitures for the bank which has also cut 15,000 employees from it’s payroll as part of a three-year recovery plan.

HSBC Shipping Services is the ship broking and consultancy services arm of the bank and, as at 30 June 2012, had consolidated gross assets of US$6.8m.

According to HSBC, the bank will rename the unit “Hartland Shipping Services Ltd” on completion of the sale. Hartland will then be acquired by a new company established for the purpose by the management team and a consultancy agreement will be entered into under which Hartland will provide shipping-related valuation and consultancy services to the HSBC Group on a global basis.