HSBC to sell New York headquarters for $ 330 mn | india | Hindustan Times
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HSBC to sell New York headquarters for $ 330 mn

HSBC said on Monday it would sell its New York headquarters for $ 330 million as the bank seeks to raise money from property sales.

india Updated: Oct 05, 2009 09:09 IST

HSBC said on Monday it would sell its New York headquarters for $ 330 million as the bank seeks to raise money from property sales.

It will lease back the building after the sale to IDB Group, an Israeli holding company, the bank said in a statement.

HSBC, Europe's biggest bank, is looking to bolster its finances after suffering losses from the consequences of the US housing crisis.

In August it reported first-half net profits slumped by 57 per cent to $ 3.35 billion (2.35 billion euros) as bad debts ballooned to nearly 14 billion dollars.

The bank is also looking at selling and leasing back its Canary Wharf headquarters in London and office buildings in Paris, Dow Jones reported last month, quoting a company spokesman.