HSBC to Sell U.S. Tax Advisory Unit to Management

LONDON (Reuters) - Global bank HSBC (HSBA.L) said on Wednesday it had agreed to sell its U.S. tax advisory services business to management.

HSBC said it would receive $5 million in cash and deferred notes with a principal amount totaling $60.85 million.

It will also have an option to buy 19.9 percent of the business, Wealth & Tax Advisory Services USA Inc (WTAS), subject to certain unspecified conditions and dilution as new managing directors join WTAS over time.

(Reporting by Mark Potter, Editing by Dan Lalor)