As the lender sharpens its focus on its largest market Asia, HSBC announced on Monday that it has agreed to sell its branch operations in Greece to a local bank, Pancreta Bank.
The deal is part of HSBC’s multi-year reorganization, which included the company’s loss-making U.S. retail bank being shuttered last year.
The in-principle agreement between HSBC and its HSBC Continental Europe unit to sell its Greek retail business is expected to close in the first half of 2023, according to the bank.
HSBC, which has been operating in Greece since 1981, has assets in the country of around 2 billion euros ($2.19 billion).
Through 15 branches in Greece, the bank said it served 90,000 retail customers and 500 business customers.
When the sale is completed, all 320 workers of the retail firm will be transferred to Pancreta.
According to HSBC, the arrangement is subject to union consultation and regulatory approval.
