HSBC sells UK probate services business to Simplify Channel

HSBC said one of its subsidiaries, HSBC Trust Company Limited (HTCU), has reached an agreement to sell its UK probate services business to Simplify Channel.

In a short statement released on Wednesday, the FTSE 100 bank said as part of the transaction, which is expected to be finalised by the end of the year, up to 73 employees will move from its subsidiary to Simplify.

HSBC added no other assets would be transferred under the terms of the deal and that HTCU had entered a referral agreement with Simplify for UK customers requiring probate support.

HSBC shares were up 1.09% to 632.70p at 11:42 on Wednesday.