HSBC is to buy selected portfolios from the trade finance business of State Street Corporation’s Global Trade Banking Division for US$7.8mn in cash.
The acquisition includes trade finance facilities in Hong Kong, Taiwan, Boston, Los Angeles and London totalling about US$590mn. The acquisition does not involve the purchase of a legal entity.
Bob Dungey, head of HSBC group trade services, says: “This acquisition fits with our strategy of growing HSBC’s share of trade and commercial lending. HSBC is exceptionally well placed, through its local presence in 81 countries and territories, to meet the needs of companies involved in international trade.”