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HSBC To Acquire Westpac Sub-Custody Business In Australia And New Zealand
Hamilton, Bermuda: 26 July, 2006 - The Hongkong and Shanghai Banking Corporation Limited (HSBC.BH) has entered into an agreement with Westpac to acquire its sub-custody business in Australia and New Zealand. The consideration will be up to A$150 million (approximately US$112.5 million) subject to the business meeting certain performance standards over a six month transition period.
The acquisition is expected to be completed by 31 August 2006. Completion of the transaction is subject to obtaining the necessary regulatory approval.
HSBC is a global market leader in the provision of sub-custody services, operating in 37 markets in Asia-Pacific, the Middle East, Europe and Latin America. The HSBC Group provides securities services to global custodians, fund managers, broker dealers and other financial institutions worldwide and is responsible for servicing client sub-custody assets of over US$1 trillion.
Nick Bryan, Head of HSBC Securities Services in Asia-Pacific, said: "There is established demand among institutional clients for regional securities custody services. The addition of Westpac's sub-custody business to our existing presence in Australasia means that we will match the market leading position we already hold in the rest of the Asia-Pacific region. Many of Westpac's clients already use our subcustody services in other markets and the acquisition will position us as a major provider in Australasia.