San Francisco (AFP)
HSBC on Wednesday announced its exit from the retail and small business banking market in the United States, in line with its strategy to refocus on corporate and investment banking in Asia.
The London-based, Asia-focused giant intends to “focus on the banking and wealth management needs of globally connected affluent and high net worth clients,” he said in a statement.
Of its 148 U.S. branches, 90 are to be sold, including to Citizens Bank and Cathay General Bancorp.
The bank plans to transform around twenty sites into international centers dedicated to high net worth individuals and to gradually close the remaining 35 to 40 branches.
“They are good companies, but we did not have the size to be competitive,” Noel Quinn, group chief executive, said in the statement.
“This next chapter of HSBC’s US presence will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world.
HSBC earlier this year announced plans to restructure its retail and small business operations in the United States.
In France, according to the daily Les Echos, it is preparing to pay more than one billion euros to the American fund Cerberus to sell all of its retail banking activities, a network of 230 bank branches and 4,000 employees. .
After a year plagued by coronavirus and geopolitical tensions with China, the company announced last month that it had doubled its net profit in the first quarter.
© 2021 AFP