HSBC Luxembourg to be acquired by HSBC France Q1 2019.
Photo: Maison Moderne archives.
HSBC France is to acquire the activities of seven European branches in an effort to support its pan-European offering to customers, including Luxembourg, it was announced on 6 August 2018.
To this end it will take over the activities of HSBC subsidiaries in Luxembourg, Belgium, the Czech Republic, Ireland, Italy, the Netherlands and Spain. The acquisition of these activities is expected to be completed in the first quarter of 2019.
According to a press release, “These HSBC businesses currently service both Global Banking and Markets and Commercial Banking customers. In particular, HSBC businesses in Ireland and Luxembourg provide securities services to fund and corporate customers.”
The changes have been and will be approved by the appropriate supervisory authorities and the relevant boards of directors.
“All entities and activities acquired and to be acquired had a combined profit before tax of US$203m (EUR168m) in 2017, and a total balance sheet of US$15.1bn (EUR13.0bn) at 31 December 2017,” the communication concluded.