HSBC sells control of Asian private equity unit

LONDON: HSBC says it is selling a controlling interest in its Asian private equity business in a management buy-out which values the business at $18.8 million.

HSBC said on Friday that managers of HSBC Private Equity (Asia) Ltd. were acquiring an 80.1 percent stake in the business. HSBC will retain the remaining share.

The private equity unit was founded in 1989 and is based in Hong Kong.

HSBC says the deal will be completed by the end of the year if approved by regulators.