HSBC, which is reviewing its small and mid-cap investment banking business, has won the mandate to jointly advise Corporate Services Group, a UK employment agency, valued at £28m (€40m).

The bank is well known for advising mainly on small and medium-sized deals - the bulk of its M&A transactions last year were worth less than $1bn (€946m), with many not even reaching $200m. HSBC recently advised Computacenter of the UK on the acquisition of assets from GE of the US, in a deal worth $122m. An HSBC insider said a review of the business did not mean that it would be closed.