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HSBC latest banking giant to eye direct investment arm sale

12 Feb 2014

hsbc-3_sqEurope’s largest bank, HSBC, has reportedly hired Campbell Lutyens & Co to run a potential sale of its direct investment unit.

Direct Principal Investments, which backs LBOs and growth capital deals with between $25m and $75m, could be sold according to Bloomberg, which cited three people with knowledge of the matter.

The deal would mark the latest in a series of banking majors cutting back on their private equity arms in the wake of more restrictive legislation in Europe and the US.

Last month it emerged that Greece’s national bank was eyeing the sale of its London-based buyout unit NBGI Private Equity in an attempt to raise capital.

National Bank of Greece has hired Cogent Partners to help with the divestment according to Bloomberg, which cited two people with knowledge of the matter.

The bank was bailed out by the Greek Government to the tune of €8.5bn, putting the bank into 84 per cent public ownership.

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