Global banking giant HSBC has announced that it has agreed to sell its US tax advisory services Wealth and Tax Advisory Services (WTAS) to its management.
Under the terms of the management buyout, the bank will receive $5 million in cash deferred notes with a principal amount totalling $60.85 million.
The bank also has an option to buy 19.9% of WTA subject to certain unspecified conditions and dilution as new managing directors join the business over time.
HSBC established WTAS in 2002 after reaching an agreement with certain partners of Arthur Andersen LLP's US Private Client Service Practice for such partners to join a new HSBC Private Client Services Group in the US, serving the wealth and tax advisory needs of high net worth individuals.
The group has established a large presence in the US with offices in California, Connecticut, Florida, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Washington.
According to the Sharecast news service, private banking chief executive Chris Meares said: “Our focus is on developing our core private banking activities in both developing and developed markets using HSBC's unique distribution network."
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