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HSBC to divest US retail bank and focus on wealthy clients

2021-05-28T22:12:42.725Z


The bank is refocusing on merchant and investment banking, as it is already doing in Asia. HSBC announced on Wednesday that it was exiting the retail and small business banking market in the United States, in line with its strategy of refocusing on investment and merchant banking in Asia. To read also: HSBC: the French investment banker Jean-Manuel Richier consecrated The British banking giant intends to focus on " the financial needs and wealth management of affluent customers, with


HSBC announced on Wednesday that it was exiting the retail and small business banking market in the United States, in line with its strategy of refocusing on investment and merchant banking in Asia.

To read also: HSBC: the French investment banker Jean-Manuel Richier consecrated

The British banking giant intends to focus on "

the financial needs and wealth management of affluent customers, with significant assets and international connections

," he said in a statement.

Of its network of 148 US branches, 90 are to be sold, including Citizens Bank and Cathay General Bancorp.

The investment bank plans to transform some twenty sites into international centers dedicated to high net worth and gradually reduce the size of the remaining 35-40 branches.

International affairs

"

It was a good activity, but we were not on the right scale vis-à-vis the competition,

" said Noel Quinn, the group's general manager, quoted in the press release.

"

The next chapter for HSBC in the US is to focus on our strengths, connecting our international business and client wealth management with other markets around the world

."

HSBC had already announced earlier this year its intentions to restructure its US operations for individuals and small businesses.

Read also: HSBC France should be sold to the Cerberus fund

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 it all of its retail banking activities, i.e. a network of 230 bank branches and 4,000 employees. After a 2020 year weighed down by the coronavirus and geopolitical tensions with China, the company said last month that it had doubled its net profit in the first quarter.

Source: lefigaro

All business articles on 2021-05-28

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