HSBC Hldgs PLC
30 January 2001
HSBC TO ACQUIRE BARCLAYS BANK'S OPERATIONS IN GREECE
HSBC Bank plc and Barclays Bank PLC have reached agreement
for HSBC to acquire the whole of Barclays' branch network in
Greece together with the business of its Greek fund
management company Barclays AEDAK.
Barclays in Greece comprises a commercial banking network of
13 branches, 200 staff, and a custody business in addition
to Barclays AEDAK. At 31 December 1999, Barclays Bank PLC
Greece reported net assets of approximately £800,000 and at
31 December 1999 Barclays AEDAK reported funds under
management of £105 million.
HSBC currently has a network of 10 branches in Greece, a 73
per cent shareholding in fund management company HSBC AEDAK
and a 90.9 per cent shareholding in stockbroker HSBC
Pantelakis.
Following completion of the acquisition, HSBC will use its
enlarged presence in Greece to build upon its existing
wealth management business and offer customers a wide range
of corporate, commercial, and personal banking services
through the internet, telephone and branch network.
The transaction is subject to regulatory approval.
Notes to editors:
1. HSBC Holdings plc
Headquartered in London, with some 6,000 offices in 81
countries and territories and assets of US$580 billion at 30
June 2000, the HSBC Group is one of the world's largest
banking and financial services organisations.
2. Barclays Bank PLC
Barclays is one of the 'Big Four' UK banks and is listed
on the London Stock Exchange (as well as other stock
exchanges such as New York and Tokyo). The principal
activities of the Barclays Group are financial services
based in the United Kingdom, primarily banking and
investment banking. In addition to servicing domestic
markets, the Barclays Group is a principal provider of co-
ordinated global services to multinational corporations
and financial institutions around the world.
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