HSBC Holdings PLC has proclaimed that it is going to sell off its private-equity fund-management units in Hong Kong, the U. K., the U. S., Canada and the Middle East to the respective management wings.

For its Chinese operational units, the bank has appointed Helen Wong as the new Chief Executive Officer.

The move has been adopted in the wake of majority of the banks around the world undergoing regulatory changes, which aim at limiting ownership of hedge and private-equity fund.

The funds in the bank’s five private-equity units, to be sold, amount to $8.8 billion. This accounts to nearly 20% of HSBC's own money.

The financial terms of the deals have not been disclosed, as of now.

"These discussions are ongoing and further announcements will be made as and when appropriate", quoted the bank.

HSBC also said that it is going to transfer the business to its team. With this, the bank will become a minority shareholder and the majority of the ownership will go in the hands of the management.

Helen Wong has succeeded Richard Yorke, whose next portfolio will be announced shortly.

Wong has nearly 25 years of experience in commercial and investment banking in Greater China.