FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of January, 2008
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
HSBC SELLS US WEALTH & TAX ADVISORY BUSINESS
IN MANAGEMENT BUY-OUT
HSBC USA Inc. has signed an agreement to sell Wealth & Tax Advisory Services USA
Inc. ('WTAS') to participating WTAS managing directors in a management buy-out.
WTAS provides tax advisory services in the United States to high net worth
individuals including HSBC Private Bank customers. The transaction will enable
WTAS to pursue a broader expansion strategy.
In consideration for the sale, HSBC will receive US$5 million in cash and
deferred notes with a principal amount totalling US$60.85 million. Under the
agreement, HSBC has an option to acquire 19.9 per cent of the equity of WTAS,
subject to certain conditions and dilution as new managing directors join WTAS
over time.
Chris Meares, HSBC Private Banking Chief Executive Officer, said: "We wish the
WTAS management team well in taking the business forward. Our focus is on
developing our core private banking activities in both developing and developed
markets using HSBC's unique distribution network."
Completion of the transaction is subject to customary closing conditions.
Notes to editors:
1. WTAS
Wealth and Tax Advisory Services, Inc. ('WTAS') is one of the largest national
independent tax advisory firms (unaffiliated with an auditing institution). It
specialises in individual and business entity tax compliance and consulting,
providing a wide range of tax, valuation and financial advisory services. The
practice consists of over 350 professionals located in 11 major cities
throughout the United States.
2. HSBC Private Bank
HSBC Private Bank is the marketing name for the private banking business
conducted by the principal private banking subsidiaries of the HSBC Group
worldwide. HSBC Private Bank, together with HSBC Guyerzeller and the private
banking activities of HSBC Trinkaus & Burkhardt as well as the HSBC Private
Banking entities, provides private banking and trustee services to high net
worth individuals and their families through 90 locations in some 37 countries
and territories in the Americas, the Asia-Pacific region, Europe and the Middle
East.
3. HSBC USA Inc.
HSBC USA Inc. is an indirectly-held, wholly owned subsidiary of HSBC North
America Holdings Inc. HSBC USA Inc. one of the nation's 10 largest bank holding
companies by assets and is the holding company of HSBC Bank USA, N.A.
4. HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 83 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$2,150
billion at 30 June 2007, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 02 January 2008