HSBC Holdings have agreed a deal to sell its UK probate business for an undisclosed amount to Simplify Channel Ltd.
The transaction, which is expected to complete in the fourth quarter of 2015, includes 73 employees moving to the probate services firm, together with a referral arrangement for HSBC Trust Co to refer clients needing probate support to Simplify.
In delivering the probate and estate administration services Simplify works with probate specialists Chorus Law.
Simplify have not yet been authorised to issue a comment.
Last month, HSBC launched a review into whether it should leave the UK where it has been based since 1993. On Tuesday, HSBC’s Chief Executive, Stuart Gulliver, stated that the bank would make its decision whether to move its headquarters elsewhere within months rather than years.
As quoted by the BBC, Gulliver said, “It’s going to take us a few months, not years [to make a decision],”.
