HSBC Bank said Thursday it has agreed to sell its shipbrokering consultancy arm, HSBC Shipping Services Ltd., to the division’s management team, according to a report by Reuters.
The report noted HSBC has been pulling back from unprofitable business units as part of three-year recovery plan, having sold 28 businesses.
HSBC Shipping Services will be renamed Hartland Shipping Services, with the spun-off company likely to provide shipping-related valuation and consultancy services back to the bank, the news report said.
Financial terms of the deal were not disclosed.
HSBC sells shipping unit
