HSBC sells tax advisory business

HSBC sells tax advisory business

HSBC said on Wednesday it had agreed to sell its U.S. tax advisory services business to management. HSBC said it would receive $5 million in cash and deferred notes with a principal amount totaling $60.85 million. It will also have an option to buy 19.9 percent of the business, Wealth & Tax Advisory Services USA Inc (WTAS), subject to certain unspecified conditions and dilution as new managing directors join WTAS over time. (Reuters reporting by Mark Potter, Editing by Dan Lalor - see the original article here)

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