logo
Plus   Neg
Share
Email

HSBC Bank To Sell 19.9% Stake In Montagu Private Equity To MLLP Holdings

HSBC Holdings Plc (HBC,HSBA.L) announced that its subsidiary HSBC Bank plc has agreed to sell its 19.9% stake in Montagu Private Equity LLP to MLLP Holdings Limited. MLLP, a company indirectly owned by members of Montagu's management team, will acquire consolidated gross assets of approximately GBP 5.7 million on completion.

Montagu's business was established in 1968 as a division of Midland Bank plc. MLLP acquired 80.1% of Montagu from HSBC in 2003. Montagu has assets under management of over EUR 4.7 billion.

In a separate press release, HSBC Holdings plc stated that Sandy Flockhart is retiring as its Executive Director, with effect from 30 April 2012, after a distinguished career spanning 37 years.

The company noted that he will remain on the Board as a non-executive Director. Sandy will also retain his positions as Chairman of HSBC Bank plc, the Group's principal UK and European subsidiary, as Chairman of HSBC Latin America Holdings (UK) Limited and as a Director of HSBC Bank Middle East Ltd.

As Sandy Flockhart is not independent, his appointment as a non-executive Director of HSBC Holdings plc will be for an initial period of one year to the conclusion of the 2013 Annual General Meeting, and is subject to his re-election by shareholders, the company said.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT