The UK subsidiary of HSBC Holdings $HSBA (+0,01 %)HSBC UK Bank plc, has announced the sale of its private client trust business - HSBC Trust Company (UK) Limited - to Ludlow Trust. The employees of HSBC Trust Company have joined the enlarged Ludlow Trust Group. The name of the business has been changed to Ludlow Trust Company (Southampton) Ltd.
Matthew Wickers, CEO of Ludlow Trust, said: "This latest opportunity underlines our commitment to growth and excellence in the UK trust market. We are delighted to welcome the talented staff and valued clients of HSBC Trust Company to the Ludlow Group."
James Hewitson, CEO of HSBC Trust Company UK, said: "I am delighted that we have reached agreement with Ludlow Trust on the acquisition of HSBC Trust Company, a move that will provide stability and expert service to our clients for years to come. This decision reflects HSBC's strategic focus on simplifying the business. We will be working closely with Ludlow Trust over the coming months to ensure a smooth transition for clients and colleagues.