HSBC ditches unit in Greece

HSBC has offloaded its Greek securities businesses for an undisclosed sum in a management buyout that will see Nikos Pantelakis, the current head of the operation, take the helm of the new firm.

The business is a minnow, boasting around €35.8m in assets. HSBC said that it will continue to use it as a “preferred broker” in Greece, providing the new firm with a hefty first client.

HSBC Securities, one of Greece’s ten biggest stockbrokers, provides broking services for Greek equities and derivatives.