HSBC Reaches Agreement to Sell Greek Bank Branches to Pancreta

HSBC Holdings Plc has agreed to sell its 15 Greek bank branches to Pancreta Bank SA, the latest move by the lender to cut back some of its operations outside of Asia.

Subsidiary HSBC Continental Europe has reached an “in-principle agreement to sell its branch operations in Greece,” according to a statement Monday. No financial terms were disclosed and the deal is subject to an information and consultation process with unions and works councils.