British Banking Giant HSBC Plans To Sell Its Retail Banking Business in the United States
World’s one of the biggest banks, HSBC has decided to close its retail banking business in the United States. They announced that they have made the move to center their efforts on the management of wealth.
Their nearly 80 East Coast branches will be sold to Citizens Bank. And 10 more branches on West Cost will be sold to Cathay Bank. The deposits and the bank accounts of the customers will be transferred to the new banks. HSBC plans to convert 20 to 25 branches into wealth management centers. All the other branches will be closed.
The banking giant from London has put its main focus on its founding place, which is Hong Kong. The company is also prioritizing Asia, UK, and Europe currently.
The future planning of the bank was announced on Wednesday. Earlier this week, they have hinted that they were intending to either sell or take strategic planning for its retail bank.
They were finding it hard to compete with diggers companies like JPMorgan Chase and others.
The CEO of HSBC, Noel Quinn said that they lacked the same scale as their bigger competitors.
HSBC will be selling its US retail banking business within early 2022.
