HSBC Bank sells HSBC AEDAK stake

HSBC AEDAK is the bank’s mutual fund business in Greece.

HSBC Bank plc, a wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its 73% shareholding in HSBC (HELLAS) Mutual Funds Management SA.

The mutual fund business is being sold to John Vezanis, the current General Manager of HSBC AEDAK, who is the owner of the 27% shareholding not currently owned by HSBC.

HSBC AEDAK manages eight local Mutual Funds, provides Advisory and Discretionary Portfolio Management services to customers, and distributes HSBC Group funds.

To be renamed on completion, HSBC AEDAK will continue to distribute HSBC Global Investment Funds. Mr Vezanis will leave the HSBC Group once the sale is completed.