May 27, 2021

HSBC withdraws from US retail banking

HSBC has sold its US retail banking network, effectively bringing to a close its struggling North America business after a 40-year attempt to run a full-service bank in the country. HSBC said on Thursday it had sold 80 of its 148 branches on the east coast to Citizens Bank, which has also acquired $9.2bn of deposits and $2.2bn of outstanding loans. Noel Quinn, HSBC chief executive, said the bank was exiting the US mass market because it "Lacked the scale to compete". Greg Hingston, head of wealth and personal banking for Asia Pacific, said: "The US plays a large role in HSBC's Asia growth strategy. Our refreshed strategy in the US will allow us to better serve the needs of our international wealth clients, who continue to consider the US for international education, property, investment diversification, career and family mobility and business expansion, among others." HSBC closed 80 of its US branches last year, leaving it with a fraction of the network of rivals such as JPMorgan and Bank of America.

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