HSBC sells off Japanese arm

HSBC this morning said it would sell private banking business in Japan to Credit Suisse for an undisclosed sum.

Europe’s biggest bank said the value of the gross assets of the business being sold was £1.7bn at the end of October.

The acquisition, which is subject to regulatory approval, is expected to close in mid-2012.

And HSBC got a boost yesterday when BlackRock, one of the biggest fund managers in the world, increased its stake in the bank to over six per cent following the Treasury’s response to the Vickers Commission.