HSBC Holdings Plc (HBC: Quote,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.
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by RTT Staff Writer
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