The world's local bank
HSBC sells Nicosia branch to Cyprus Popular Bank
12 May 2006
HSBC Bank plc has entered into an agreement to sell certain of the assets and liabilities of its branch in Nicosia to the Cyprus Popular Bank Public Company Limited. The value of the gross assets to be transferred to Cyprus Popular Bank amounts to approximately Pound 43 million. Completion of the sale is subject to receiving the necessary approvals from supervisory authorities in Cyprus.
The branch provides foreign-currency denominated commercial and personal banking services to local and international customers. The assets and liabilities to be sold are the customer loans, deposits and guarantees of the branch.
HSBC Bank plc is in the process of submitting an application to establish a Representative Office in Cyprus which will provide a continuing source of assistance to customers following the completion of the branch closure.
Following completion of the sale, the business of the branch will be wound down and its banking licence modified to reflect the change to a Representative Office, subject to approval.
The majority of the HSBC branch staff will be offered employment with Cyprus Popular Bank.
Media enquiries to Richard Lindsay on +44 (0)20 7992 1555 or richardlindsay@hsbc.com
Notes to editors:
HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through some 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,502 billion at 31 December 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
Related links
Useful tools
Increase font
Decrease font