HSBC Trinkaus - withdrawal from Luxembourg

RNS Number : 7176H

HSBC Holdings PLC

24 June 2013

 



The following text is the English version of a news release issued in Germany by HSBC Trinkaus & Burkhardt AG, an 80.6% indirectly owned subsidiary of HSBC Holdings plc.

24 June 2013

HSBC TRINKAUS & BURKHARDT AG
WITHDRAWAL FROM LUXEMBOURG

HSBC Trinkaus & Burkhardt AG ('HSBC Trinkaus') announces that following a strategic review of its operations it has decided to withdraw from its businesses in Luxembourg and to explore options as to how best to achieve this.

The decision affects two wholly-owned Luxembourg subsidiaries of HSBC Trinkaus: HSBC Trinkaus & Burkhardt (International) SA, its banking operation; and HSBC Trinkaus Investment Managers SA, its fund management business. Affected employees were informed today by the Management Boards and Supervisory Boards of the two Luxembourg subsidiaries.

Other Luxembourg based operations or businesses of HSBC Group companies are unaffected by this decision, although they will be working closely with HSBC Trinkaus to ensure suitable arrangements are made for all stakeholders of the Businesses including clients and employees.

Further announcements will be made if or when necessary.

Media enquiries to Steffen Pörner on [phone] or at [e-mail]

Note to editors:

1.     HSBC Trinkaus & Burkhardt AG

HSBC Trinkaus is a commercial bank which draws on its tradition of over 228 years as a trusted advisor to its clients. As one of the country's leading banks, it is also part of the HSBC Group, one of the world's largest banking and financial services organisations. The strength of the bank is its international connectivity. This is characterised by its detailed knowledge of the international markets, mainly the emerging markets, and its global network. Germany is one of the HSBC Group's priority growth markets.

With more than 2,500 employees, HSBC Trinkaus can be found in seven locations in Germany, in addition to the head office in Düsseldorf, and has access to the global network of HSBC. With total assets of €21.2bn and €150.1bn in funds under management and administration, HSBC Trinkaus is the HSBC Group's principal subsidiary in Germany and is rated 'AA- (Stable)' by Fitch Ratings. The bank's central target groups are corporate, institutional, and wealthy private clients. (Figures as at 31 March 2013).

HSBC Trinkaus' press releases can be found on the www.hsbctrinkaus.de homepage under 'Press'.

2.     The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,600 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,681bn at 31 March 2013, the HSBC Group is one of the world's largest banking and financial services organisations.

 

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