LONDON (dpa-AFX) - HSBC Holdings plc. (HSBC, HSBA.L) said that its indirect wholly-owned subsidiary, HSBC Private Bank (Suisse) SA, has reached an agreement to sell a portfolio of its private banking assets in Switzerland, which reported assets under management of $12.5 billion as at 31 December 2013, to LGT Bank (Switzerland) Ltd, a wholly-owned subsidiary of the LGT Group Foundation.
The transaction is expected to complete in the last quarter of 2014 and it represents further progress in the execution of HSBC's strategy. The transaction is subject to regulatory and other approvals.
HSBC said it remains fully committed to Switzerland as a key international centre for its Global Private Banking business and a priority market for the Group.
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