The British Investment bank HSBC holdings has announced that it will exit U.S. retail banking business to concentrate on its largest market in Asia.
The Bank will also exit from all retail business banking customers.
The Group Chief Executive of HSBC, Noel Quinn, said:
“We are pleased to announce the sale of the domestic mass market of our US retail banking business. They are good businesses, but we lacked the scale to compete.
He also added that HSBC’s continued presence in the U.S. was the key to the banks international network and an important contributor to the growth plans.
This next chapter of HSBC’s presence in the US will see the team focus on the banks competitive strengths, connecting global wholesale and wealth management clients to other markets around the world.
Cathay Bank and Citizens bank which are subsidiaries of Cathy General Corp and Citizens Financial Group respectively have agreed to buy HSBC’s business on the east and the west coasts.
About HSBC holdings
It is a multinational investment bank and financial services holding company with total assets of US$2.984 trillion, it is the second largest bank in Europe. The bank serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, North Africa, North America, Latin America, Asia, and Middle East.
It is organised with four business groups Global Banking, Commercial banking and investment banking and wealth management and private banking.
