LONDON/ZURICH, June 24 (Reuters) - HSBC Holdings said it is selling $12.5 billion of private banking assets inSwitzerland to Liechtenstein's biggest bank LGT Group Foundation.
HSBC said the deal is subject to regulatory and otherapprovals and is expected to complete in the last quarter ofthis year.
HSBC, Europe's biggest bank by market value, has sold orclosed more than 60 businesses in the last three years as itshuts areas that are loss-making or lack scale, and attempts tosimplify its business. The bank said it remained committed toSwitzerland as a key international centre for its global privatebanking business.
LGT said on Tuesday the deal included about 70 staff. (Reporting by Steve Slater and Katharina Bart; Editing by ChrisVellacott)
HSBC Holdings (HSBA)