LONDON (Alliance News) - HSBC Holdings PLC on Wednesday said it has struck a deal to sell its UK probate services business to Simplify Channel Ltd for an undisclosed amount.
HSBC will sell the HSBC Trust Co (UK) Ltd business, a subsidiary of its HSBC Bank PLC unit, to probate services firm Simplify, with up to 73 employees in the unit to move to Simplify as part of the deal.
In addition to the sale, HSBC Trust Co has entered into a referral deal with Simplify for UK customers needing probate support.
HSBC expects the deal to complete in the fourth quarter of 2015.
HSBC shares were up 1.2% to 633.10 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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HSBC Holdings (HSBA)