LONDON/ZURICH, June 24 (Reuters) - HSBC Holdings said it is selling $12.5 billion of private banking assets in Switzerland to Liechtenstein’s biggest bank LGT Group Foundation .
HSBC said the deal is subject to regulatory and other approvals and is expected to complete in the last quarter of this year.
HSBC, Europe’s biggest bank by market value, has sold or closed more than 60 businesses in the last three years as it shuts areas that are loss-making or lack scale, and attempts to simplify its business. The bank said it remained committed to Switzerland as a key international centre for its global private banking business.
LGT said on Tuesday the deal included about 70 staff. (Reporting by Steve Slater and Katharina Bart; Editing by Chris Vellacott)