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5/27/2021, 7:57 AM (Source: TeleTrader)
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HSBC to exit retail banking in US, sell 90 branches

HSBC Holdings plc announced that it decided to exit its mass market retail banking business in the United States and shift its focus to international banking and wealth management.

The bank noted it will sell 90 of its 148 branches and has already reached sales agreements with Citizens Bank and Cathay Bank for certain parts of its retail business. Meanwhile, 20-25 branches will be repurposed into international wealth centers and the remaining 35-40 will be wound down.

"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. Our continued presence in the US is key to our international network and an important contributor to our growth plans," CEO Noel Quinn stated. "This next chapter of HSBC’s presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world," he added.

Baha Breaking News (BBN) / NP