LONDON: HSBC Trust Company (UK) Ltd., a subsidiary of HSBC Holdings PLC (HSBA.LN), is to sell its U.K. probate services business to Simplify Channel Ltd. for an undisclosed sum.
As part of the sale, up to 73 employees will transfer to Simplify, HSBC said Wednesday. There are no other assets being transferred as part of this transaction, which is expected to complete in the fourth quarter of the year, it said.
HSBC Trust has also entered into a referral agreement with Simplify for U.K. customers requiring probate support.
HSBC Holdings PLC shares at 0820 GMT up 7 pence, or 1.1%, at 633 pence.
