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HSBC Seeks $4 Billion from Property Sales

Europe's largest bank HSBC Holdings is looking to sell three of its biggest office buildings to raise 2.7 billion pounds ($3.98 billion), the Sunday Telegraph reported without citing sources.

HSBC plans to sell and lease back the buildings, which include its London headquarters in the financial district of Canary Wharf, its French base in Paris and some New York offices, the paper said.

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HSBC bought back its skyscraper at Canary Wharf for 838 million pounds from ailing Spanish property firm Metrovacesa at the end of last year after the Spanish firm failed to refinance a loan secured on the building.

HSBC, which has just completed a rights issue raising 12.9 billion pounds, could not be immediately reached for comment.