HSBC agrees to sell Greek bank branches to Pancreta

Bloomberg

HSBC Holdings Plc has agreed to sell its 15 Greek bank branches to Pancreta Bank SA, the latest move by the lender to cut back some of its operations outside of Asia.
Subsidiary HSBC Continental Europe has reached an “in-principle agreement to sell its branch operations in Greece,” according to a statement. No financial terms were disclosed and the deal is subject to an information and consultation process with unions and works councils.
The transaction, which is also subject to regulatory approval, is expected to complete in the first half of 2023.
, the statement said. All staff members employed by HSBC Continental Europe in Greece will transfer to Pancreta Bank as part of the sale.
HSBC has operated in Greece since 1981 and services over 90,000 retail customers and about 500 corporate customers through 15 branches. It had assets of approximately 2 billion euros ($2.2 billion) and 320 employees at the end of 2021.
Under Chief Executive Officer Noel Quinn, the London-headquartered lender is pushing through a global restructuring that has already seen it offload retail operations in both France and the US as it streamlines its operations outside Asia.